1. Customized dashboard
A contract management software has to be flexible and its dashboard should never be locked by administrators. The needs of each user may vary as the company evolves and its objectives change. Depending on their role, he or she may focus on the speed of renewals and application of contract terms. Look for a contract management system that provides a customized dashboard to meet the unique requirements of each role that the user can configure without the help of an administrator.
2. Global research
If your current platform does not allow you to perform global searches on associated contracts, related documents, comments, notes and histories to display dependencies or identify potential liabilities, your business could be threatened. Efficient contract management software provides versatile search functions that capture the full text of documents, metadata and all associated information, so that nothing vital is forgotten.
3. Native mobile application
Smartphones are common in commercial activities, so mobile access to contractual processes is essential. Look for a contract management system that can create, modify, approve or reject contracts from any device with a smartphone. Push notifications for tasks, dashboard views, contract search and approval, note updates and other actions related to mobile device contracts promote wider use, faster adoption and more efficient contract management at all levels of the organization.
4. User authorizations
If you can’t manage user permissions for sensitive contracts, it’s time to change. Your contract management software must include a comprehensive Role Based Access Control (RBAC) system that governs access to contract data at a granular level based on user roles, geographic areas, services and access permissions, protecting sensitive data.
5. Easy configuration
Does your contract management platform require custom code development every time you want to create new workflows, rules and fields? An effective contract management solution must allow super-users to easily modify and configure the application according to a new business process so they can avoid code changes.
6. Portfolio monitoring
Is your company able to supervise a portfolio of contracts with interdependent contractual relationships with a flexible and intuitive contextual interface? Your contract management software should enable your team to manage master service agreements, parent-child relationships and complex contract hierarchies to provide an overview of contracts throughout the company.
7. Risk Assessment
Look for a solution that allows users to configure models that track risks in different categories, including financial, contractual, performance, and third-party categories. Users should also be able to access and use internal and external data to determine risk scores, proactively monitor them and increase stakeholder visibility.
8. In-depth integration of traditional applications
One of the main factors of productivity loss in a company is the transition from one application to another. Integration with applications such as Salesforce or Microsoft Office 365 allows teams to create, view, approve and collaborate on contracts within applications used on a daily basis. The ability to access contractual data and perform actions during the application of the user’s choice ensures successful adoption.
9. Electronic signature capability
Contract management software must make it possible to digitize each step of the contract life cycle, including its execution. Ensure fast and secure contract execution with a system that easily integrates with electronic signature solutions such as Adobe Sign, Docusign and other electronic signature platforms.
10. Acceptable deployment time
Digital transformation projects are often complex and can be slowed down by excessive deployment delays. Rigid contract management software that requires technical resources for configuration and adaptation can jeopardize projects by extending them. Ensure that your solution is highly configurable and flexible to deploy in weeks, rather than months.
Now you hold all the cards to quickly deploy an enterprise-wide contract management solution that is smart and easy to use.