How to Evaluate the Best Contract Management Software

What is of Value to Your Organization?

You’ve come to the realization that, with the technology available today, you need contract management software in order to exceed contract management expectations and increase productivity. There are many solutions on the market and you’ll need a plan for how to evaluate them. Before starting your contract management software assessment, identify what is needed within your organization’s current contract management process. Do you have trouble locating document versions? Are there process bottlenecks because no one knows when tasks are due? Schedule a meeting with your team to discuss the challenges you’re facing so that you can be sure the solution you choose meets all your needs.

Use this contract management software evaluation guide to help you make your decision on what solution is right for you and your organization.

Avoid Biased CLM Software Reports

A well-rounded contract management software evaluation will start with research and most likely include reports on the industry’s comparable CLM solutions. Although this may help you identify leading solutions, a true evaluation should not be based on these reports alone. Review leading software reports with caution because, in some cases, the report has shown to be biased, due to more weight being given to software providers that pay for advertising and brand prominence. Unfortunately, this is seen often with leading contract lifecycle management software reports that advertise unbiased opinions. Be sure to consider this when making your contract management software decision.

Contract Management Software Usability

There’s nothing more important than the usability of the system, as it will be a challenge for your team to learn and use the software if they find it difficult to use. A user-friendly platform is something you must determine before investing in a solution. A good way to identify how user-friendly a contract management solution can be is by scheduling a demo for you and your team to see the software in action. You’ll be able to determine if the software is configurable to meet your organization’s needs and if you can see a benefit to the system’s functionality.

Essential Tools in Today’s Technology

Make sure the software you’re considering includes these advanced features to stay up-to-date with industry standards and to get the most out of your contract management software.

Intelligent Workflows and Approvals

Intelligent workflows and approvals eliminate process bottlenecks and create better contract transparency. As you're leading your team, workflows can track where in the contract lifecycle your process is and can automatically notify you when you have an upcoming task due. Contract workflows are necessary to have a streamlined, efficient process.

Contract Templates and Clauses

Contract templates and clauses can help you quickly create a contract based on templates you’ve made within your system. By selecting the type of contract and other specifications in your system, the appropriate clauses will be pulled into a template and be presented to you within seconds. Contract authoring time will be cut down significantly, and you can be sure your contract includes all pre-approved clauses based on the rules set within your contract management system.

Electronic Signature Solutions

Electronic signatures streamline the signing process and can be tracked better than a manual signing process. Leading solutions support digital and wet signature options for organization’s who have set standards for signing contracts. If your team is already utilizing eSignature software, you should consider asking software providers if they integrate with the solution you’re already using.

Artificial Intelligence and Machine Learning

Artificial Intelligence and Machine Learning can take contract management to the next level by providing insights for risk management and contract analytics. Over time, your team will be able to identify contract trends related to pricing, risk, opportunities, and more. Make sure the solution you’re considering has AI capabilities that will help you continuously improve your contract management.

The best solution for you will be the one that meets your needs and provides a better, streamlined contract management process. Contact CobbleStone Software today to learn about their leading solution and discover available features that can provide value to you and your team.