Key features to look for in a best-in-class contract management solution
The demand for top-tier contract lifecycle management has never been higher. In today’s business environment, companies face intense competitive pressures with a complex regulatory landscape, and tighter profit margins. To navigate these challenges, businesses require advanced contract management platforms that streamline operations and reduce risk.
Some organizations still rely on outdated systems that are little more than digital filing cabinets. Given the crucial role of contracts, a modern contract management solution must manage risk, and monitor compliance all within a single platform.
The following are ten essential features that corporate attorneys should look for in a top-tier contract management system:
Automated Document creation
Automating contract creation with templates and clause libraries improves efficiency and reduces turnaround times. Empowering business units with self-service options for standard contracts, like NDAs and employment agreements, ensures speed, accuracy, and consistency.
AI further enhances this process by streamlining operations, improving accuracy, and offering insights during document creation. AI-powered solutions can analyze content, extract key information, and categorize sections, creating customizable templates that save time and effort.
AI-Powered Contract Analysis
Drafting, negotiating, and signing are just the beginning; contracts must be managed throughout their lifecycle. Contracts contain vital terms, obligations, and deadlines that, if not properly managed, can lead to increased risk and missed opportunities.
AI-driven contract management systems help identify and manage contract provisions, moving contracts from dusty filing cabinets to a digital platform where AI can extract and structure critical data for better business outcomes.
Process Automation and Workflow
Contracts involve multiple stakeholders, especially during approval and execution. A CMS with automated workflow tools can streamline these processes, building approval protocols and escalation procedures directly into the system. Automated workflows eliminate manual approval processes, speeding up execution and ensuring proper authority and oversight.
Document Management
A robust CMS serves as a secure repository for all contracts, with powerful search capabilities to locate documents quickly. The system should track all document activity and provide an audit trail, allowing you to see who has accessed, downloaded, or revised documents. AI-powered systems can further enhance this by efficiently organizing and indexing documents, making retrieval faster and more accurate.
Electronic Signature Integration
Integrating electronic signature software with your contract management solution streamlines approval and execution processes. Custom approval workflows ensure that contracts receive the necessary oversight before becoming effective.
Electronic signatures reduce delays by allowing signatures from any device, anywhere. They also consolidate all signatures into a single record, providing more security than paper-based methods.
Intuitive Contract Collaboration
Collaboration is key to timely contract execution, involving internal and external stakeholders. A contract management platform enhances collaboration by ensuring everyone works on the latest document version, making the process more efficient.
Contract Reporting
A CMS allows you to move beyond static spreadsheets, providing complete visibility into contract status, monitoring key performance indicators, and leveraging AI and data visualization tools for actionable insights. You can generate reports on various metrics, such as contracts awaiting review or those active in specific business units.
Integrations
Seamless workflow requires integration with other systems, such as CRM platforms. These integrations centralize customer data, streamline processes, and provide a comprehensive view of customer interactions. Ensure the CMS you choose integrates with essential software like Microsoft Office, AI tools, and electronic signature applications.
Leading platforms also offer custom connections to client-specific systems, as SutiSign does with integrations like Microsoft Dynamics 365.
Data Security
Contracts contain sensitive information, so your CMS must offer top-tier data security. The provider should offer secure cloud hosting, two-factor authentication, and encryption options. Additionally, ensure that their security team is experienced and available 24/7/365 to protect your data.
Mobile ability
A CMS with mobile apps allows users to access, review, edit, and sign contracts from any device. In today’s mobile world, this capability is crucial for successful adoption. Mobile apps enhance accessibility, provide real-time updates, and facilitate collaboration, enabling greater efficiency. Mobile app allows professionals to collaborate in real-time, staying connected with clients 24/7.
A Comprehensive Solution
Effective contract management involves more than just storage; it’s a comprehensive process requiring coordination among multiple stakeholders. A centralized, intelligent contract management ecosystem offers unprecedented control and visibility, speeding up transactions, improving accuracy, and reducing risk.
