Carrying an adequate management of the contracts in a company is part of the successful professional ethics and policies of it, in addition to this, a detailed management of the legal and important documents of an organization, determines the timely compliance of each of the activities of the employees, as well as the effective operation of the company.
Aside from the fact that each file relevant to the company’s activities is of utmost importance, the responsibility for its administration and organization often falls on one or more people in charge of the administration, standards or finance department.
In pastime, those in charge of managing contracts chose to file important documents on shelves with their respective label or separator, where they wrote down the key provisions and their issuance dates.
This type of document management from the past, unleashed a series of unfortunate events, such as: poor indexing of files, loss due to lack of return when reviewing them, abandonment of the order of documents due to lack of administrator by not establishing a method or effective file system, excessive workloads due to extreme accumulation of paperwork during audits, total disorganization due to having frequently changed personnel and many other reasons that would surely continue to be a disaster if current technology were not born.
Nowadays, the digital age has pulverized every retrograde system and continues to grow, giving way to the famous contract management software (CLM). Although there are thousands of offers of these software available in the market, with different functionalities, characteristics and benefits, there are four basic functions in common that you should know: storage, tracking tag, filtering according to specific criteria and receiving alerts / notifications corresponding to dates or key milestones.
Given the basic functionalities -mentioned above- we created a list with the 5 best tips, so that you can evaluate and in a given time, choose a Contract Lifecycle Management software that adapts perfectly to the needs and culture of your business.
Whichever software you choose, this is a feature that cannot be missed; Being able to store all company files, be it employee contracts, partner agreements, subscription contracts, among others, and being able to manage them easily, as well as accessing them with just one click, is essential.
In addition to that, it is essential that once the functionality is verified, the available storage capacities of the program need to be examined, in order to select the one that best meets our needs. Remember that this capacity must be large enough or expandable.
When it comes to tags, we all wish we could customize them to our personal method. It is important to check if the contract management software offers customizable tagging and if it already includes predetermined ones, this way we make sure to maintain a defined, useful and understandable system for all the employees in charge of managing the program.
Updated with the law
We cannot properly manage important contracts and documents if they are not up to date with the legislation; It is easy to miss a change or update of the laws related to the existing agreements / contracts in the company, so choosing a software that guarantees the update according to the laws is a priority. A program that includes this function is capable of detecting changes in the law and sending alerts to the department in charge by mail, which will save you a lot of headaches.
Can you imagine a program that doesn’t have automatic synchronization these days? If we think about it, it is a bit difficult to come up with a negative answer, that is because not only most apps do it, but because when it comes to files, the time and labor savings that a software that gives you notifications automatically, showing you all the metrics, definitely speeds up all your work, and will even help improve the internal processes of the company.
Intuitive and easy to use
The topics covered by the contracts are already quite complex and delicate to deal with, so choosing a software that is easy to use, in which writing and updating files is simple and also keeps you up to date on everything at the time of any changes that have been made, dates of renewal and completion, among others, save you hours of work.
The objective of investing in a Contract Lifecycle Management software is that it should help you streamline daily tasks and maximize the time you spend on document administration, so the usage must also be effective.
As in all our articles, we want to recommend you one of the best contract life cycle software, Koho Software offers a wide range of services in different areas. If you want to learn more about Koho software and our ITSM services, we invite you to contact us. At GB Advisors we want to offer you the best quality in services that provide you with automated solutions to take your company to the digital future and give you maximum support to successfully overcome the current situation.