6 Must Have Features Your Contract Management System Should Have in 2022
The game in contract management has entirely altered thanks to today's sophisticated and groundbreaking technical breakthroughs. Contract management software is a strong instrument that may relieve all of your contract-related anxieties while also making contract lifecycle management structured and simple. It's time to start thinking about the contract management tools you're utilising in your firm. Take a look at the outcomes you're seeing from your contract management system right now. Is there anything that might be done better? It's possible that switching to Dock's Contract Management System is the best option for you.
Contract management software is an essential component of every company. If current contract management software isn't making contract lifecycle management simple for your firm, it's time to seek for a replacement. We've put up a detailed list of 6 of the most "must-have" features for a contract management system in 2022 to assist you.
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Dashboard that is simple to use
A clear, easy-to-understand dashboard does not guarantee that a contract management system will be effective; but, it is a very decent indicator. Users must be able to log into your solution and understand what they are supposed to perform. You'll need a CMS that gives users a home dashboard with a quick summary of the most critical information. This covers information such as the number of current contracts, total value, and contracts that are about to expire. All of this is necessary so that consumers are aware of what requires their attention so that they may get right to work.
Our well-designed and user-friendly dashboard provides you with real-time contract information whenever you need them. It's simple to analyse data and reports in real time, allowing you to keep on top of every aspect. An easy-to-use dashboard is a valuable tool for optimising and properly planning all of your contract management processes.
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Document Storage and Organisation
Contract management is more than just managing the contracts you're working on. It also includes the paperwork related to the contracts on which you and your team are working. This comprises documents such as the Scope of Work (SOW), timetables, and cost estimates, among other things. It's critical that users can quickly locate and work on them. A contract data management system that assists you in sorting and organising your connected paperwork may be quite beneficial. Look for one that allows you to keep documents in the contract listing rather than merely in a document library. This manner, finding key contract documents will be a breeze.
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Search Functionality
Depending on what your company performs, you may have anywhere from a dozen to hundreds of contracts to manage. It's critical that you can search through all of these documents and locate the contracts you're looking for. That's when a contract management system with comprehensive search capabilities comes in handy. There's no need to go through pages and pages of contracts any more. Instead, a CMS with search features can help you find the specific contract you're looking for and save time. This is an absolute must-have for any business trying to improve contract lifecycle management.
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Automated Alerts
It's critical that you and your users are informed about crucial contract revisions. You need to be informed about essential terms, duties, and the expiration date. As a result, you'll need to discover a contract management system that will send out notifications to your users at key times and dates. You won't have to deal with compliance difficulties if you don't fulfil an obligation or aren't ready when a contract ends this way. Instead, you'll be completely aware of the situation and ready to take whatever steps are needed to guarantee a seamless contract management process.
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Monitoring and Reporting
You want to know what's going on in each of your contracts individually, but you also want to know how your contracts are doing as a whole. It's critical to determine whether your contract management process is healthy and functional. That's why you'll need a contract management system to keep track of everything and report on it. Any CMS you pick for 2022 should have a comprehensive set of monitoring and reporting features. With little to no work, you should be able to figure out everything that's going on. Any system that does not provide this value is unworthy of your attention.
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Integration of electronic signatures
Digital is the way of the future, and this is especially true when it comes to contract management. The traditional methods of obtaining permissions and signatures are inefficient. You'll need a system that allows CEOs and leaders to quickly sign contracts and other essential papers. In 2022, a contract management system with e-signature integration, such as DocuSign, will be a must-have. This is a quick technique to acquire the approval of key figures on contracts and paperwork. Not only that, but it comes with a slew of advantages for your company, like security, verification, and comprehensive auditing capabilities.
Conclusion
Contract management isn't always a pleasurable experience, but it doesn't have to be. Using a contemporary, straightforward contract management solution that meets your demands is one of the greatest methods to make the contract administration process manageable. Make a point of looking for the qualities listed above, and you'll be well on your way to selecting a system that can help you grow your business in 2022.
Want to read about more features of contract management system go here:-
In 2021, there are 11 features that your contract management system must have.
