Effective contract management is crucial for any business. Contract management software has become an essential tool, helping organisations handle digital contracts with ease and precision. Let’s take a closer look at how this software works, why it’s important, and how combining it with a Document Management System (DMS) can further enhance your contract management processes.
First, let’s clear up the difference between contract management and contract management software. Contract management involves overseeing contracts from their creation right through to their expiration or renewal. This process covers drafting, negotiating, executing, monitoring, and analysing contracts to ensure all terms are met and performance is tracked.
Alarmingly, 89% of organisations admit their contracting process could be more effective, making the case for a more streamlined approach. This is where contract management software steps in, automating and centralising these tasks to make the whole process smoother and more reliable.
While you could manage contracts manually, the reality is it’s a time-consuming process that’s prone to errors. With up to 80% of business transactions governed by contracts, manually reviewing each one is a massive undertaking, and mistakes can have serious consequences.
Contract management software automates these processes, freeing up valuable time and significantly reducing the risk of errors. For example, organisations like Martinsclub have seen substantial improvements in transparency, efficiency, and error reduction by digitising their contracts.
Contracts form the backbone of business operations, governing everything from daily transactions to complex agreements. For a contract to be legally binding, it must include essential elements like offer and acceptance, the intention to create legal relations, and consideration. Contracts come in many forms, from general business agreements to specific ones like employment contracts and licensing deals.
Contract management software offers a range of functionalities that can transform how businesses handle contracts:
Pairing a Document Management System (DMS) with contract management software creates a powerful combination. A DMS not only organises, tracks, and protects contracts but also makes it easy to access, share, and store them securely. This combination ensures documents are kept in line with data protection regulations and supports a seamless, adaptive contract management process.
Ready to take your contract management to the next level? Contact Managed Technology today to find out how we can help you streamline your processes, ensure compliance, and support your business’s growth in an increasingly digital world.