Managing contracts is both challenging and resource attentive. Due to the sensitivity of contracts, it requires efficiency and an eye for detail. This is why many companies today try to avoid manual contract management and opt for using digital contract repositories. If you’re looking for contract repository software, there are some factors you have to consider over others. These factors will help you make the best choice regarding the type of contract documents you have and the integrations you need. Before you look at these elements, the best place to begin is to define a contract repository.
What Is a Contract Repository?
In a typical fortune 1000 company, there are between 20,000 and 40,000 or more active contracts at any given time. Among these contracts, at least 10% are unmanaged, misplaced, or at least difficult to find or forgotten. Due to how contracts are essential to businesses, this is a figure that they can’t afford, and this is where a contract repository comes in.
A contract repository is a central location for effective contract storage and management to ensure visibility and provide easy access to the business contract portfolio. This is different from the old paper-based system with email attachments, which is expensive and inefficient.
What You Should Look for in a Contract Repository System
When you’re searching for a contract repository platform, you need to always look for several key elements and features and give keen consideration. The right features in a contract repository will help you save time and money and keep your documents organized. Here are the main elements or features you can consider in a contract repository software:
An easy-to-use dashboard
A well-designed, user-friendly dashboard will offer you the ease of access, instant contract insights, data analysis, and a view of other integrations. This can be helpful and reduce the need for training while helping you meet your contract management needs.
Contract storage and organization
Beyond the contracts, contract management extends to the exact documents of the contracts such as the Scope of Work (SOW), cost estimates, schedules, and more. A good platform should help you store these documents and easily find them with listings and not just document libraries.
The platform should allow you to seamlessly view any document type without you having to convert documents or switch between systems.
Hierarchical access controls
A good repository should ensure that only the people with the right of permission can access contract data (including sensitive information) in a repository.
Advanced search features
Depending on your organization, you need a platform that allows you to sort through your documents with ease to a given contract you’re trying to find. You can only see this in a contract management system with advanced search functionality features. You’ll be able to search for the particular contract within the system and save time.
Effective integration adaptors in a contract management system should be able to connect your enterprise stack with your cloud-based contract repository. This will enable your team to consolidate contracts with other accessories stored across your enterprise’s cloud and IT landscape and other third-party tools.
A contract repository and management system with built-in automated workflows to help improve workflow and reduce errors. For example, instead of the team manually notifying a higher level approver “the boss” to sign a contract, a CMS with automated workflows can send an automatic notification for the signing and reduce time spent on documents and resources.
You need a contract management repository that not only gives you a central location for your documents, but also offers you other aspects and features of work such as integration, automation, workflow, search, and controls. This way, you’ll find easy workflow and efficiency in your work. Look for a contract management system that provides a modern, intuitive, easy to use, and secure contract.
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