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Contract management involves managing agreements from creation to execution by chosen parties, plus their eventual termination. Contract management software is made to streamline and automate contract management for different businesses. That makes it easier for the teams to create, negotiate, renew, sign, and report business contracts.

Who Uses Contract Management Software?

This software is perfect for businesses that require to scale contract workflow without increasing the number of employees. It is helpful among different teams, including sales, legal, finance, human resources, and operations. It makes it easier for these teams to organize contracts with various stakeholders, including employees, for hiring and firing suppliers.

Benefits Of Using Contract Management Software

While some businesses consider it an additional expense to incorporate this software, it brings numerous benefits that make operations more accessible and faster. It helps improve document storage and management, promotes security, reduces contract cycle time, promotes contract compliance, helps in expenditure tracking, makes contracts easily accessible, and connects contract data to other business systems.

Features To Consider When Searching For Contract Management Software

Different developers in the market have different software packages. Still, the features determine how well it performs and incorporates with other systems. Some essential features include a template editor, browser-based redlining, approval workflows, native eSignatures, innovative storage, contract templates, and renewal reminders.

Summary

Introducing contract management software to your business is one of the ways you can streamline your contract operations, speed up the authorization process, and minimize errors. It also helps promote your operations by saving your employees the time they would have spent executing the processes manually. Some software to consider include Juro, DocuSign CLM, Outlaw, Cobblestone, and Conga.