There are many things that could go wrong with companies that use manual methods of monitoring and tracking their contracts and agreements. For instance, assume that your organization is not strongly suited when it comes to contract management.
On a typical day, you print numerous copies of different contracts and pass them along from one person to the next. In the process of circulation, it happens that one contract belonging to an important client gets shuffled up and can’t be traced. Still in the process of circulation, some get back to you as the contract manager but with stains all over them.
Supporting documents for some of the contracts are missing and all in all, you’re now frantically trying to put things in order; notwithstanding the fact that reports need to be written and some deadlines met.
Of course, the above is a hypothetical situation that we can only hope doesn’t occur in any existing company or organization. However much we would wish to ignore such scenarios and imagine that they don’t or can’t happen, the truth is those are the kinds of scenarios that play themselves out in many organizations.
In some cases, the consequences of such happenings deal a devastating blow to the operations of the company. Some even end up missing deadlines due to the confusion and resulting disorderliness; or even worse.
It’s not your fault
It’s not that anyone is to blame for the consequences because no matter how hard everyone tries to play their role, there’s always something that messes everything up. But the good news is, all this chaos and confusion can be turned around by implementing a management software solution.
It’s as simple as adopting an information management system that takes up the task of organizing and control all critical records with efficiency and the highest speed possible. No more coffee stains, missing parts, deadlines debacles, and other similar ambiguities.
You agree that indeed this solution is the perfect one to rid you of the perennial and cyclic hurdles you’ve been experiencing with many contracts and agreements. But you’re probably wondering where to find the right deal.
Before that, you first need to know what you’re getting into. A few questions could help you put things into a clearer perspective.
- Are you facing a gridlock in your office with piles of filing cabinets?
- Is your worst nightmare the time when you have to dig through one locked cabinet after another just to find a single contract or document?
- Ever missed contract renewal simply because there wasn’t anyone to check on it?
- Could a flexible and agile solution that adapts to your software needs be the big break you’ve been looking for?
- What if the same software can create reports and documents for you and save you time plenty of time and unnecessary headaches?
The answers to these questions should help you decide if you’re the right candidate for a document management system. Again, there are different types of management systems and so to find the right one for your company, use the following criteria.
1. Companies handling a large number of contracts but with lots of variations
If your organization deals with lots of contracts but each having its own set of demands, the best alternative would be to go for a pure document management system. Such systems are designed to make it easier to create contracts of varying nature as well as providing proper management approaches.
2. Standard contracts that use consistent templates.
If your company or organization has contracts that are more standardized and can use templates then you’ll be better off with a system that automates workflows and improves processes. Standard document management systems tend to be more flexible and robust. The alternative also costs less as compared to the dedicated management solutions.
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Factors to consider when looking for a contract management system
Regardless of the nature of your operations, there are common elements that every effective document management system ought to have.
The following are the essentials to look out for:
- Flexibility in changing the index data collected from the contract document
- Configuration and customization of the review process to suit the needs of the organization
- Facilitates easy searching of content through the indexing system
- Displays the stage of the contract during the review process
- Provides for automation and customization of reminders and alerts
- Has functionality for attaching several related documents
- Allows the related conversations to move along with the contract through its various stages in the review process.
- Stores all the contacts in a unified and easily accessible location thus making it easy to send automated alerts, reminders, and reports.
Making the transition from the manual way of doing things to a digital system is quite fascinating. However, don’t allow the excitement and the prospects of finally having it easy in your contract’s office to hinder you from making the right decision. Use the tips we’ve shared herein to end up with a solution that’s convenient for your organization.
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