In 2022, there will be six must-have contract management system features.

As a result of today's sophisticated and ground-breaking technical breakthroughs, the game of contract management has entirely transformed. Contract management software is a strong tool that can help you with all of your contractual issues while also organizing and streamlining the contract lifecycle management process. It's time to rethink your organization's contract management software. Examine the outcomes of your contract management system right now. Is there anything else you think would be preferable? Switching to Dock's Contract Management System may be your best option.

Contract management software tools are an essential component of every organisation. If your existing contract management software isn't making contract lifecycle management simple for your company, it's time to upgrade. To assist you, we've compiled a thorough list of six "must-have" contract management system features for 2022.

1. An easy-to-use dashboard

Although a clean, easy-to-understand dashboard does not guarantee the effectiveness of a contract management system, it is an important indicator. Users must be able to access and understand your solution as well as the tasks that need to be accomplished. You will require a CMS that provides users with access to a home dashboard that summarizes the most important information. This section contains information on the number of active contracts, contract value, and contracts that are about to expire. All of this is required so that customers are aware of the issues that need to be addressed and can get to work right away.

Our simple dashboard provides you with real-time contract data whenever you need it. Data and reports may be analyzed in real time, so you can stay on top of things. A simple dashboard may help you streamline and organize all of your contract administration operations.

2. Storage and organization of documents

Contract management entails more than just keeping track of the contracts you're currently working on. There are also contracts for which you and your team are working. Papers in this category contain the Scope of Work (SOW), timelines, and cost estimates. It is critical for users to be able to rapidly discover and use resources. A contract data management application that assists you in sorting and organizing your important documents might be really beneficial. Instead of storing papers in a document library, select one that allows you to store them in the contract listing. If you utilize this strategy, locating crucial contract documents will be a breeze.

3. Search Capabilities

Depending on the sort of organization you work for, you may have a dozen to hundreds of contracts to handle. You should be able to read through all of this material and discover the contracts you need. In this scenario, a contract management system with advanced search capabilities would be useful. It is no longer necessary to go through reams of documentation. A CMS with search features, on the other hand, can help you save time by assisting you in finding the contract you're searching for. This should be available to any organization that want to improve contract lifecycle management.

4. Automated Notifications

It is imperative that you and your users be brought up to date on important contract changes. The expiry date, key language, and actions must all be known. As a result, you must choose a contract management system that will send notifications to your users at important times and dates. If you do not complete a work or are not prepared when a contract ends in this manner, you will not have to deal with compliance issues. Instead, you'll be well-informed about the issue and prepared to take whatever measures are required to ensure that the contract management process works successfully.

5. Reporting and Monitoring

You'd want to know what's going on with each of your contracts and how they're performing overall. Check to see if your contract management procedure is up to standard. That is why you will want a contract management system to track and report on everything. Any CMS you choose for 2022 should include a robust set of monitoring and reporting capabilities. With a little effort, you should be able to figure out what's going on. Any solution that does not give this advantage is a waste of time.

6. Integration of electronic signatures

Digital is the future, particularly in contract management. Traditional ways of getting permissions and signatures are time-consuming and inefficient. You'll need a system that lets CEOs and other senior executives to rapidly sign contracts and other important documents. A contract management system with e-signature capabilities, such as DocuSign, will be required by 2022. This is a simple approach for gathering critical information regarding contracts and papers that have been authorized. Not only that, but it also includes a boatload of additional benefits for your business, such as security, verification, and complete audits.

Conclusion

Contract management isn't always fun, but it doesn't have to be. One of the most efficient methods to make the contract administration process manageable is to use a current, easy contract management system that meets your demands. Make a point of looking for the characteristics listed above, and you'll be well on your way to choosing a system that will help your organization thrive in 2022.

In other words, by 2021, your contract management system must provide 11 functions.