Spreadsheets are what most companies with large volumes of contracts to manage use to keep track of all things contract-related. They are cumbersome, static, and wholly dependent on human input. Depending on the number of contracts, there may be an entire department of personnel devoted to keeping these spreadsheets updated as new contracts are added, old ones expire, terms change, vendors or customers change and the list goes on.
In today’s business world, efficiency means money and money ultimately defines a businesses’ success. In order to compete, companies are finding innovative new ways to improve efficiency. So, move over spreadsheets, the new kid on the block is automated contract management software.
Which Contract Management Software is for you?
Contract management software now ranges from basic programs that act as central repositories for contracts and supporting documents to AI-driven software that “understands” your contracts and organizes them accordingly. So, you know you need to update your current system for contract management, but how do you know which software is right for your business?
The first step is to determine the volume of contracts and supporting documents your company uses. If your spreadsheets are almost keeping up, then you may need just a simple system to track your documents. However, if the business you are in creates large volumes of contracts, then you may want to take a look at some of the newer
AI-driven types of software that can drastically improve efficiency. These free up your employees’ time so that they can focus on more important tasks. You also need to look at how contracts are utilized within your business, how frequently are the accessed, and how often do changes take place.
Once you know these things, then it is time to make the decision about what contract management software will work best for your business.
Some Recommended Software
Some brands of software to consider, depending on your needs are Concord, Icertis, and Evisort:
Concord
Concord is a cloud-based contract management solution that is designed to help companies of all sizes and across various industries manage their contract-related activities. It has an e-signature feature that can make legally binding contracts. It has the standard search features to keep your contracts easily accessible with a few keystrokes.
Icertis
Icertis is a cloud-based contract management system. One of the key features is contract life-cycle management, which helps companies manage and organize contracts depending on where they are in their life cycle.
Other important features are auto extraction, milestone tracking and drafting. Icertis also allows users to track compliance and risk management.
Evisort
Evisort is one of the newest AI-based software solutions for contract management. It allows end-to-end contract management on a single cloud-based platform. Evisort, through its proprietary AI algorithms, will “understand” your contract and comes, out of the box, with fifty different search and retrieve functions. It can extract, track and classify all key provisions in your document.
What sets Evisort apart from other document management solutions is that artificial intelligence does the work for you. This removes the problems associated with human error and greatly reduces the amount of data entry required across multiple platforms such as billing, projects, and file management.
As per Business Wire, Evisort is currently in a state of growth. It will be interesting to see how long that growth continues.
Takeaway
Whatever your business needs, there is a contract management software to fit your needs. Once you have done your research, and have narrowed down your choices, try to talk to a business similar to yours that is using the contract management software you are considering. They will be your best source of pro’s and con’s regarding the functionality of the software for your specific needs.