7 Must have Features in a Contract Lifecycle Management Software

Contract management is an important part of any business. If your existing CMS isn't making contract lifecycle management easier for your business, now might be the time to start looking for a new one. To help you with that, we've taken the time to compile a list of 11 of the most “must-have” features for a contract management system.

When selecting a contract lifecycle management software, there are many areas to consider, but the six features you need to make sure that the CMS you choose is the same across all areas no matter what. the size of your organization. Below, we discuss the six must-have features for your business CMS.

Easy Configuration

Does your contract lifecycle management software require custom code development every time you want to create new workflows, rules, and fields? Efficient contract lifecycle management software allow super users to quickly modify and configure the application based on a new business process, eliminating the need to modify code.

Contract Monitoring

Can your organization monitor a portfolio of interrelated contractual relationships with a flexible and intuitive contextual interface? Your contract lifecycle management software should allow your team to manage framework service contracts, contract values, and complex contract hierarchies to give you a holistic view of all transactions across the organization.

Customizable Contract Templates

As the needs of your organization evolve and it evolves to include tens or hundreds of contract lifecycle management software users, your CMS should be able to scale as you grow. Contractual needs will change over time. The terms of the contract will change as the resources in the supply chain change. The raw materials your organization needs to source for supply chain needs will be different in five years or ten years. Your contract management system should have the ability to add relevant data fields for future contracts.

Central Contract Repository

Organization is essential to effectively manage all of the different contracts your business works with throughout their lifecycle. One of the best ways to do this is to use a contract lifecycle management software with a central contract repository. This gives users quick and easy access to contracts and contract data. Now your team can spend less time researching OneDrive and email inboxes, and more time working with contracts. This allows users - and your organization by extension - to be faster and more flexible in their work.

Document Storage and Organization

Contract management goes beyond the contracts you work with. It also extends to documents surrounding contracts that you and your team are working on. This includes things like Scope of Work (SOW), schedules, cost estimates, etc. It is important that users can easily find and work on them. A contract lifecycle management software that helps you sort and organize your associated documents can be of great help. You should really look for one that allows you to store documents in the contract list and not just in a document library. This way you can easily find important contract documents.

Automated Alerts

It is important that you and your users are aware of important updates regarding your contracts. Whether it's key terms, obligations, or expiration, you need to be aware. That's why you need to find a contract lifecycle management software that alerts your users at important times and dates. This way, you don't risk running into compliance issues by failing to fulfill an obligation or preparing for a contract to expire. Instead, you'll be fully aware and ready to take whatever steps are necessary to ensure a smooth contract management process.

E-Signature Integration

Digital is the way of the future - something that is especially true for the contract management process. The old methods of collecting approvals and signatures are too slow. You need a system that makes it easy for executives and managers to sign contracts and important documents. A contract lifecycle management software with electronic signature integration like DocuSign is essential for 2021. It is a quick way to obtain the consent of an important person on contracts and documents. Not only that, but it offers many benefits including security, verification and full auditing capabilities for your business.

contract lifecycle management software continues to expand its capabilities and modernize. The CMS is designed to make the process of creating, tracking and managing contracts throughout their lifecycle intuitive and efficient. The major software vendors that create contract lifecycle management software continue to add new functionality and enhance existing functionality.