If your company doesn't utilize some form of contract management software, you may want to consider pitching that idea at the next opportunity you get.
Considering how connected the entire world has become, using sophisticated contract management software that enables you to control and manage contracts throughout the lifecycle of a contract, can do wonders for almost any business. From helping sales people put together approved contracts, to helping customer management teams explain contract terms or explain common issues and resolutions, the right contract management system can be game changing -- not to mention time-saving for legal.
More Than Just Management
One of the big advantages to using contract management software is that it allows companies to ensure uniform and proper handling and making of agreements with customers, outside vendors or partners. In addition to being a central repository for contracts, the right software can track timelines and other terms. Those can be managed such that the individuals who need to know about something are automatically notified at certain times or when certain actions are taken. With all the smart tech available these days, smart contract management seems like a no-brainer.
For in house and general counsel, if any non-legal staff are negotiating contracts, a good contract management system could be worth its weight in attorneys. That’s because you can limit those non-legal negotiating staff to the contract terms within the software, and require that certain terms be contained in every contract.
So Many Options
There are quite a few options to consider, and depending on the size of the business, having one custom-built shouldn’t be completely out of the question. However, thanks to wide array of contract management software solutions, finding one that already exists that will fit your company's needs is only a matter of researching your options.