7 points to consider before choosing a contract management solution
Implementing a contract management solution is great. But where do you start? Choosing the right CLM solution is essential! Leeway offers you an overview of the essential features to check.
After studying the issue, you are now convinced of the importance of implementing a contract management solution within your company to speed up your negotiations and monitor the deadlines of your contracts automatically. But where do you start? Choosing the right contract management solution is essential! Leeway offers you an overview of the features you should consider.
1. Templates with variables
When creating a contract, we often copy and paste an old contract template that we then edit by browsing the document for the fields to be filled in.
This first step leads to errors and we tend to spend a lot of time chasing the necessary information from the different stakeholders.
So choose a contract management solution that allows you to insert variables to be filled in your templates. This feature will speed up your process instantly by forcing your stakeholders to fill in the fields provided, making contract creation easier than ever!
2. Ergonomic revision mode
Revision mode is a fundamental negotiation feature that should be offered by your contract management solution. It allows you to process comments and suggestions more quickly without having to reread the whole document each time it is drafted. It also keeps the document clean and readable, as changes are made outside the body of the text, unlike Word.
3. Version history
The version history feature saves you from having to manually save each new version of the document on your computer. For those of you who manage a lot of back and forth, you eliminate the risk of error, always being sure you are working on the latest version of the document.
All changes are automatically saved and cannot be deleted without the other party's being notified.
In order to set up a faster contract lifecycle, some tools allow you to define internal validation procedures. Therefore, you can automate validations and approvals according to certain contract criteria, such as the total deal amount. Great, right?
5. Integrated e-signature
You'd be surprised how many contract management software packages don't have their own e-signature solution. Although some allow you to connect your DocuSign or Adobe Sign account, for example, you will often have to pay extra to use them.
Storage is one of the most important things to check. Firstly, compliant storage it is obviously a strategic issue of data protection and confidentiality. So be sure to check what the market solutions offer in terms of security and data protection.
Secondly, contract management solutions can save you valuable time in searching for specific clauses. So take a look at the storage and search systems available to you.
Some of the newer solutions offer alert features that allow you to take advantage of your contract pool. No more need for an Excel file to keep track of all the renewal dates. Take advantage of these tools to renegotiate your contracts at the right time.
With the emergence of SaaS solutions in all business departments over the last 15 years, modern companies need their contracts to be connected with CRM tools like Salesforce, invoicing tools like Quickbooks, or even communication tools like Outlook, Slack or Gmail (to name a few).
The more integration possibilities the software you choose offers with the main APIs on the market, the more efficiently you will be able to manage your business.
So how do you find the right one?
Having said all of this, what matters most is that you choose a solution that is best suited to your organisation. Take the time to set up demos with the different software, clearly communicate your contract management objectives and define the features you really need. After all, it may not be that difficult to find 😉