Features and Benefits of Contract Management Software

Features and Benefits of Contract Management Software

If you are looking for software to help you manage and control your contracts, to help simplify the process for sales and procurement teams, whilst being quick to set up and easy to use, contract management software may be the solution. Contract life cycle management (CLM) and resource planning can be difficult without a good system in place, and with companies expanding and wanting to do business and compete with others across the world, technology to cope with the larger demand of business transactions is rapidly becoming vital to a growing business. This is where we come in. These are the features and benefits contract management software can provide:-

Document management

A substantial part of management for any company is the sheer amount of documentation and data required, let alone the amount of paperwork a business dealing with contracts and a large amount of third parties accumulates, and has to store safely. A contract management system centralizes all this information into one safe, single, accessible location. A big change from a filing cabinet in the corner! This streamlines the documentation process and provides easy access to data and easy management of documents, contracts, legal agreements or licensing arrangements.

The contract process is made simple with document creation, commitments management and electronic signatures. All in one single system.

Auditing

Due to everything being in one location and together on one system, auditing has never been easier. And if you have a large amount of contracts and third-parties with access to their online contracts, it is imperative that you can easily track changes and views. Every action made in a CLM system is fully tracked in the audit logs, along with a time stamp and the user’s information.

Contract templates

Contract management software enables you to create contract templates that are completely configurable to the required specifications. It is also compatible with Microsoft Word, making integration of the software and the actual use for your staff simpler and easier.

Accessibility and Security

Most contract management systems will have secure encryption for your data. And that is indeed a benefit. However, as well as the latest encryption technologies, Symfact has a configurable access control interface, so you can restrict access as and when you need to. Protecting sensitive contracts and legal data and adhering to any local laws and jurisdiction.

Analytics and Reporting

Keeping on top of contract deadlines and deliverables as well as trying to create custom reports and managing workflows can sometimes seem like an impossible task. Contract management software makes this process far simpler. You can use it to configure and track important milestones and events and set notifications, meaning you certainly won’t miss the end of a contract again!

Another useful feature of a contract management system is the ability to have a complete overview of your business or organization. Automated reporting tracks important information and with complete revision history, you can see how contracts have changed over time. You can also keep on top of all management projects and processes by using the custom reports feature, which allows you to analyse operational data, workflows, information and documents.

Improving Revenue

Thanks to a larger overview of practices and workflows and a better control of finances, contract management software can often help reduce operating costs. With quicker access to data and audit trails, you can save time and money and improve your contract lifecycle value.

Communication

CLM allows information relating to contracts and projects to be readily available and communicated easily and effectively with all relevant stakeholders and persons. This allows contract reviews and deadlines and deliverables to be monitored and the contract management process to run as smoothly as possible.

Access to Contract Management anywhere

Our CLM system is a browser based platform, meaning you can access it from any device at any time as long as you have the internet. We provide support for multiple languages, locales and currencies, ideal for businesses that have contracts across the world and that operate between countries. And you can be sure everything stays safe when you are on mobile data with encrypted data transfer.

Integration

Thanks to cross-platform XML architecture, our software can integrate with a range of different contract management systems and software. Existing tools that are already being successfully utilized within the company can also be retained and implemented into the new contract management system. With Symfact there is also a drag and drop interface, meaning documents can be moved from your PC straight into your contract management system with the least amount of hassle and time.

Support

Although the contract management system is easy to use, with clear dashboards and processes, we understand that sometimes it can take staff some time to get used to using a different platform and system. So even if you are worried about using a contract management system, most companies offer regular support. At Symfact for example, we have a support portal that is available 24 hours a day, with lots of useful information and “how to” guides, as well as providing phone and email support, which ensures a smooth rollout of the software.

Improve your Eco-credentials

With the environment currently a hot topic, many businesses are seeking to take some corporate responsibility. It may not seem like much, but with CLM software, because you can track agreements and keep contracts digitally stored, you negate the need for a paper trail and so this reduces both your usage and waste.  And with our electronic signature feature, paper contracts are a thing of the past.

Custom

Although all these benefits and features are great in their own right, the best thing about our contract management software? It is entirely configurable to your business. Enabling you to configure everything your company and staff require to get the best possible use out of the software. If you’re unsure whether contract management is right for your business, here at Symfact we have industry specific management solutions, which can be of significant benefit when choosing which contract life cycle management software is right for your business. The benefits of these you can see below:-

Industry specific Software

Legal Entity Management

As pressure grows on large, enterprise level companies to keep up with regulatory compliance and the handling and transmission of what can sometimes be sensitive data, Legal Entity management software is an excellent solution. Rather than spending a lot of time and resources on inefficient ways of dealing with the legalities associated with management, stakeholder information and shares, you can streamline your corporate governance into one easy to use system.

By keeping all the information about your business in one place, you can maintain and manage the complex legal entity information and control organisational structures without complications. Including operating accounts and signature rights. This gives you clear supervision on your accounts and leadership teams. As well as management of stakeholders and their documents. This can all be visualized through interactive dashboards.

For hosted solutions you can select the location of your server and therefore data, depending on your legislative and jurisdictional requirements, and these are protected by the latest encryption technologies.

Using our configurable access control interface you can restrict access to sensitive and legal data and information.

By setting milestones in the software, you can track and receive notifications of specific events.

Third Party Risk Management

Mitigating Third party risk and adherence to regulations can often be a complex process for compliance officers. Our software is designed to make that process simpler and help protect your business with fact-based decision making.

A central repository means all data and documentation are stored in one location that can be accessed with ease. Our specific search function means it takes no time at all to find the documentation you need, be it emails, policies, audits or health and safety documents.

When launching new business relationships, our software can design, build and publish intelligent questionnaires to help identify any risks.

To increase accuracy in risk models and processes, risk management framework can be configured to match both perfectly. Giving you a level of consistency.

To help mitigate risk, our software links to all leading external databases such as those from Dow Jones and Thomson Reuters, giving you access to advanced security profiling of both businesses and individuals and a comprehensive background check.

Incident management features can help detect and prevent fraud, whilst our identity management feature can help with monitoring and investigations, helping to protect your revenue.

Auditing is made easy with every action made in the system fully tracked in the audit logs, along with a time stamp and the user’s information.

Policy Management

Due to the expansion of technology and the increased use of websites, file shares and collaboration software, many companies have all their documents and data stored across different sites, departments and even locations. This means there is no collective understanding or enforcement of policies.

By offering a central repository, you can store all policy procedures and the associated data and documents in an easily accessible single storage location. These are available online, enabling greater compliance to the various policies.

With policy management software you can create all of your policies, procedures and regulations and easily communicate them company-wide. Our control interface means that you can track members of staff that may not be adhering to company regulations and enforce the policy and procedure.

One of the best benefits of policy management software is the ability to integrate it into all the big ERP and CRM systems, which means you can link policies to both suppliers and customers.

This policy management solution can be installed on-site or can be purely cloud based depending on your preference. A support portal is available 24 hours a day ensuring a smooth rollout of the software.

Intellectual Property Management

Portfolio management of patents, trademarks and designs can sometimes be complicated due to copyright law and the different level of access required by internal and external users. Intellectual property management can make this process fast and simple with optimal commercialisation of assets.

Centralised storage reduces the risk of exposure to third parties due to having all the processes, procedures and data in one single location.

IP management software has configurable event triggers and alerts and automated dashboards, giving you controlled transparency, a regular overview and a control over due dates and assessments as well as being able to manage a combination of assets such as patent applications, designs, data and trademarks.

An important part of IP management is keeping on top of all the latest laws and regulations, with IP software you can store them in the system and give company-wide access, ensuring compliance throughout the organisation.

The incident capture and reporting suite ensures all incidents are stored and automatically assigned for investigation, whilst our analysis tools can assist with legal protection. This helps you manage issues quickly and with the least amount of disruption to the running of the business.

The management system can be fully integrated with most software including ERP, CRM and all major accounting packages.

Custom GRC Management

There are many software packages to manage governance, risk and compliance. We have listed several industry specific ones above, however, sometimes in order to match a business’ exact procedures and processes, you have to create custom software. Other software providers would have to start with a complete software build, but because we have unique software architecture we can base your needs and requirements on that without rebuilding the IT infrastructure.

Below are listed some of our possible configurations, but our capabilities are not limited to these. We can custom create and tailor a package entirely to you. Which is simply the best benefit and feature of Contract Management software!

  • Software configured to your own processes and procedures.
  • Audit trails, including a full lifecycle audit trail of access, edits and users.
  • Easy to use dashboards and reporting tools.
  • Integration with current software.
  • Event and milestone notifications.
  • Document management and centralised location.
  • Tailored process analysis.