10 Features to Look for in Contract Management Software
Is your contract management software difficult to use, unable to provide valuable insights, and underutilized? If so, your organization could be missing out on revenue opportunities and susceptible to non-compliance risk. Consider these features if you’re thinking about an upgrade:
1. Personalized Dashboard
Contract management software shouldn’t be one-size-fits-all, and its dashboard should not be locked down by admins. Different roles have different needs, and an individual user’s needs may change as a business evolves and goals change—at times the user might be focused on expediting renewals and at other times enforcing certain terms in the contract. Look for a contract management system that provides a personalized dashboard to suit the unique requirements of each role that the user can configure with no help from an administrator.
2. Global Searches
If your current platform doesn’t give you the ability to conduct global searches for related agreements, associated documents, comments, notes and history to view dependencies or identify potential liabilities, your business could be at risk. Effective contract management software allows versatile search functions that capture the full text of documents, metadata and all the associated information so that nothing vital goes unseen.
3. Native Mobile Application
As more and more business is conducted on smartphones, mobile access to contracting processes is critical. Look for a contract management system that allows you to create, edit, approve, or reject contracts from any device with a native mobile application. Push notifications on tasks, dashboard views, contract search and approval, note updates, and other contract-related actions on mobile devices equate to wider use, quicker adoption and more effective contract management across an enterprise.
4. User Permissions
If you are unable to manage user permissions related to sensitive contracts, it’s time for a change. Contract management software should include a comprehensive Role Based Access Control (RBAC) system that governs access to contract data at a granular level based on user roles, geographies, departments and access permissions, thus 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? Effective contract management solutions allow super-users to easily change and configure the application to a new business process, avoiding the need for code changes.
6. Portfolio Monitoring
Can your organization monitor a portfolio of inter-dependent contractual relationships with a flexible, intuitive, contextual interface? Your contract management software should allow your team to manage master service agreements, parent-child relationships and complex contractual hierarchies to give you a holistic view of all contracts across the entire enterprise.
7. Risk Assessment
Look for a solution that enables users to configure models that track risks across different categories including financial, contractual, performance and third party. Users should also be able to look up and leverage internal data as well as external data to determine risk scores, ensure proactive risk monitoring and increase visibility for stakeholders.
8. Deep Integration of Familiar Apps
One of the biggest productivity killers in an enterprise is switching between applications. Integration with applications like Salesforce or Microsoft Office 365 allows teams to create, view, approve and collaborate on contracts within the applications they use every day. Having the ability to access contract data and perform contract actions while in the application of a user’s choice ensures successful adoption.
9. E-Signature Capacity
Contract management software should allow every stage of the contract lifecycle to be digitized, including execution. Ensure quick and secure contract execution with a contract management system that easily integrates to e-signature solutions like DocuSign, Adobe Sign, and other electronic signature platforms.
10. Manageable Deployment Time
Digital transformation projects are often complex and can be slowed by lengthy deployment times. Inflexible contract management software that requires technical resources to configure and adapt can prolong projects and put them at risk. Look for a highly configurable and flexible solution that allows you to deploy in weeks, not months.
Icertis Remains a Leader in the Q1 2021 Forrester Wave
Icertis has again been recognized as a Leader in the Forrester Wave: Contract Lifecycle Management For All Contracts Q1 2021 report. This is the second consecutive Wave report to recognize Icertis as a Leader. Read the report and learn more about the impact of CLM and why Icertis has been named a Leader.