Contract Management Software

Contract Management Software are tools that help organisations process contracts from the drafting and execution stages through to termination. This could involve carrying out performance analysis, monitoring compliance, identifying risks, and mitigating reputational damage due to non-compliance with contractual terms. Contract automation software is deployed by professionals in a variety of sectors, including legal, HR, retail, manufacturing, finance, and real estate. They can help ensure that services are delivered as ordered, procurement activities are carried out as agreed, and contracts are renewed, terminated, or renegotiated promptly. A contract management platform has many benefits, including digitising and securely storing contractual data in a shareable, searchable, and scalable central repository. They help to do away with error-prone manual data entry, and grant data access exclusively to those who are authorised, either by typing or by using voice search options. Thanks to built-in alerts, they can also prevent businesses from becoming locked into unfavourable terms if deadlines are missed and when contracts roll over. Finally, they enable workers to draft, edit, collaborate, sign, share, track, approve, and back up agreements. Typical features of enterprise contract management solutions include a central activity dashboard, which works as a single source of truth (SSOT) repository, access controls and user permissions, reporting or analytics tools, and third-party integrations. They also tend to come with a few must-have document management features, such as transparent collaboration, milestone alerts, deadline reminders, custom approval workflows, and e-signatures. At their core, contract management tools are a type of Document Management Software. The sales industry may utilise them alongside Procurement Software and Quoting Software to feed data directly to their accounting departments. In addition, they could also be said to be a type of Legal Document Management Software.