Contract management software has changed the mode of monitoring and enforcing agreements. It has made end-to-end processing of agreements, thereby increasing the operational efficiency of firms and improving contract productivity. Moreover, the state of the art of technology in contract management software has allowed organizations to handle their agreement procedures more straightforwardly than manual contract management. The software offers beneficial features that have simplified and streamlined the administration of agreements. Amongst all the features, the most used feature is the reporting feature. The reason why the reporting feature is being used by most creators who are using contract management systems is that;
- Has comprehension of contract timeline
The main issue that affects organizations when it comes to the process of contract management is the issue of missing important dates and deadlines. Agreements need actual dates, which are typically filled with critical due dates. When an organization misses its due date, it may lead to many issues because agreements usually have financial implications. A minor oversight and clerical error can lead to many problems in the firm.
The contract reporting feature gives an insight into the due dates and deadlines, and it also provides the whole timeline. This feature also gives you an insight into when the deadlines are and when the agreement is required. It also has a notification bar where relevant members are notified about upcoming dates.
- Be at the top of the contract process
When you assess your agreement, accomplishment will give your firm insight into the trade relationships and the advantages and disadvantages of dealing with businesses. The reporting feature helps the agreement managers to get an accurate insight into the contract performance over a given period which assists the organization in making decisions about future ongoing relations to the contracts. For you to stay at the top of the agreement procedure, every progress and lag in the contract management lifecycle procedure. Minor changes in the agreements and the consequences can be reported comprehensively to the taught authorities.
- Forecasting and decision making
The most crucial benefit of the reporting feature is that the platform allows contract managers to forecast and make informed decisions concerning the agreement. The role of a contract manager is more than creating and executing the agreement. The actual work starts once the contract is successfully executed, where the managers and the team by extension, are expected to scrutinize the growth of the contract throughout the lifecycle. At the end of the agreement period, the managers must examine the agreement and make revival judgments.
Even if the agreement progression plays a significant role in determining its profitability, other external factors like changes in economic situations, customer priority, and market scenarios play a significant role in contract management software. The manager needs to make an intelligent decision which will benefit the firm. The manager needs to review the agreement together with various influencing factors. Reporting in the contract management software helps the manager by equipping them with the knowledge of the agreements.
What is contract management software
Whether you need a non-disclosure agreement (NDA) or a third-party contract signed, contract management software allows you to do it all online and in real-time. The complete contract lifetime consists of:
- Preparation of documentation
- The agreement is being sent to the other party.
- In-document redlining or adjustments
- Approval procedure
- Yearly modifications or renewals
- Compliance audits
- Long-term agreement storage
How to choose the right contract management software
While reviewing more than 36 contract lifecycle management companies, we looked closely at top features, integrations, and ease of use. Furthermore, we judged providers on their customisation and automation tools, audit support and volume capabilities.
We found that the best solutions offer intuitive mobile apps, automated workflows, and advanced search features. Plus, affordability was a must for small businesses, along with real-time notifications and reminders.
What does contract management software cost?
Most contract management software is available monthly or annually, with savings available for yearly payments, high contrast volume, or a large gene number of users. Because you may upload your agreement or use a standard template, then email it for an e-signature, the free and low-cost options are ideal for small firms with conventional contracts. Paid options with essential contract management tools begin at $25 per user per month. Lower-priced plans, on the other hand, frequently do not have sophisticated customisation, reporting, or branding choices. On the other hand, AI technology, automation, and ultimate customisation will cost you up to $125 per user every month.
Contract management software tools are structured to issue the agreement team maximum advantages. Reporting is an important feature that simplifies the contract procedure and improves contract supervision actions. This article helps you to understand more about contract management software, and you will be able to know what to look out for.