After dealing with exhausting manual contract management software best practices, you are searching online for a pleasant, relaxing stay in a contract management suite. There are many leading contract management software platforms out there, but only leading solutions offer the amenities you need to kick back and enjoy improved legal operations. To virtually ensure you have the best possible CLM experience, here are the amenities you should look for in your contract management suite.
Contract Management Suite
Let's take a look at where you plan on staying to relax and unwind for a better contract management software process.
A contract management suite should offer tools to manage the stages of the contract lifecycle - from contract requests up to and including contract renewals. A contract management suite should also be furnished with leading contract data management, contract storage, contract searching and reporting, and contract workflow automation tools - among other leading functionality to improve your CLM process.
Let's take a closer examination of some top amenities you should look for in your state-of-the-art contract management suite.
Amenity #1 - A Centralized Contract Repository
To ensure that your contract management suite helps you store and centralize contracts, make sure to look for a suite that lets you centrally store contracts, contract documents, contract data, and more with proper security access and tidiness. Avoid getting stuck in accommodations without this feature, as this can lead to:
- misplaced or lost contracts documents and data.
- a lack of contract visibility.
- unaccounted for and disorganized contract document versions.
- missed contract lifecycle tasks and obligations.
- contract compliance oversights and violations.
- improper contract security - with contracts, relevant documents, and contract data potentially falling into the hands of inappropriate resources.
- wasted time.
- lost revenue.
On the flip side, an online, secure contract repository within leading contract management software can allow you to put your feet up and enjoy one centralized location for contracts, contract data, and corresponding files and attachments. You can tinker with user permissions so that only those desired, qualified, or necessary within your team can access mission-critical contract data.
As a bonus amenity, look for a contract management suite that offers robust contract artificial intelligence. You can utilize a proven contract repository within AI-powered contract lifecycle management software for improved contract analysis and to transform static contract documents into dynamic building blocks for proactive contract oversight, improved opportunity identification, and centralized risk mitigation. Contract intelligence and machine learning can help your organization attain robust ROI from its contract repository. Crucial data from newly introduced contract documents can be intelligently mapped into your out-of-the-box or user-defined contract data fields.
Make sure your stay in your contract management suite is as fruitful as possible with a contract repository that helps with enhanced data protection. Data protection for contract data is valuable no matter which industry you reside in, but it's perhaps most critical for highly regulated industries such as government, healthcare, and pharmaceuticals. You can identify vital data such as key dates, milestones, contract counterparty information, locations, phone numbers, contract clauses, financials, and more. This can reduce the need for tedious, time-wasting, and error-prone manual data entry.
Amenity #2 - Advanced Contract Search
Another top amenity to look for within your contract management suite is contract search. Quick search functionality within a leading contract management software makes it straightforward to search for contracts, contract documents, contract clauses, and associated contract data. You can quickly enter a string of words, letters, numbers, or phrases for a contract search. For instance, you may quick search the term "XYZ Agreement," and your contract management suite can help you search data fields for "XYZ Agreement." Quick search tools can be filtered and sorted - and results can easily be exported to a spreadsheet format. Areas of your contract management suite that populate the results for your search can be accessed via a clickable link. As such, you can quickly uncover contracts, contract clauses, contract documents, and contract data fields - significantly decreasing contract lifecycle management bottlenecks and improving contract visibility.
Your ideal contract management suite should also offer field-level searching. Rather than wasting precious time searching all record metadata within your contract repository for a word or phrase, you can perform field-level searches that allow you to narrow down search terms to one of your configured or system data fields. Again, let's take a look at our "XYZ Agreement." Maybe this time, you only want to search for "XYZ Agreement" within a field for, say, "Contract Title." You can efficiently filter so that the "Contract Title" field is searched for your term "XYZ Agreement." The sorting, filtering, and exporting choices that we just discussed apply as well for optimal convenience and contract visibility.
Amenity #3 - Contract Workflow Automation
Contract management workflow optimization is a vital tool to look for your contract management suite. Without robust task and workflow management, your stay at your contract management suite is sure to delay contracts - potentially resulting in squandered time and resources, wasted revenue, compliance issues, overlooked tasks and obligations, and missed opportunities. Thankfully, you can book your stay at a contract management suite that supports intelligent workflow automation for contracts.
With a luxury contract management suite, you can configure contract workflows for CLM tasks from contract requests to contract renewals. You can configure assigned users to view task alerts and notifications within your system and via automated emails. Scheduled reminders can make it so that your team can automate contract oversight and keep vigilant of task due dates and more. Do you want your contract management suite to be furnished so that you have confidence that tasks will be completed? No problem. You can employ task escalation functionality. This makes it so that, if a resource is not completing tasks in a timely manner, you can trigger an automated escalation of those incomplete tasks to a new resource - encouraging efficiency, accountability, and promptness for necessary workflow tasks.
Consider a Stay in the CobbleStone® Contract Management Suite!
Looking for a contract management suite that offers all of the amenities and features and more? Consider CobbleStone Software!
CobbleStone Contract Insight CLM software can be your ideal contract management suite! Don't waste any more time with inefficient and ineffective contract lifecycle management. Book your free demo to see all of the features listed above and more.
CobbleStone's trusted, award-winning contract management software streamlines the contract management process with optimal governance, reduced friction, and high flexibility from contract requests to renewals. CobbleStone has been a leader in CLM software for over twenty years and is trusted by thousands of contract managers. CobbleStone's user-friendly, robust, and scalable solution seamlessly connects with external applications, including MS Word and MS Outlook, for unified and seamless contract management.