Reasons To Use Contract Management Software (CMS)

contract management software programs analytics SaaS

As a small business owner, you have a lot of balls to juggle. From inventory and pricing to employees, vendors, and customers, it can be overwhelming. And the paperwork can stack up faster than hotcakes in a pancake house. You need solutions to help your business run more efficiently. But where do you start? 

Even if you’re not a techie, you might have heard of contract management software (CMS). Gone are the days when you filed important business documents in a filing cabinet — paper files are dead! Virtual filing has made your life much easier, with no need to haul boxes of paperwork to a warehouse. Still, many business owners are continuing to file key contracts in a drawer or bury them in an email chain. According to PC Magazine, “Even though contracts are so important, it is still surprising how many companies manage their contractual processes by using a clumsy combination of emails and printed documents.” 

Enter CMS, an important tool you can use to streamline, organize and track your company’s contracts. And if you are going to utilize contract management software, make sure to use CLM Services.

3 Reasons To Use Contract Management Software 

1. Boost Organizational Capacity 

CMS systems help you store, categorize, search, and generate reports for all your contracts. 

2. Decrease Human Error 

Contracts that aren’t easily tracked can lead to revenue losses and operational mistakes. According to the Association of Corporate Counsel: “Electronic contract request forms can integrate with a sales pipeline system or enterprise-wide master databases such as client, vendor, and product systems so as to eliminate dual entry into multiple systems and facilitate accurate data entry.” 

3. Speed Search 

An important feature of CMS systems, contract discovery, allows you to find key data in seconds, saving you time and money. And time is money while we're on the subject, so these SaaS programs help your business bottom line a great deal.

Who’s Using Contract Management Software? 

The bigger question is, who isn’t using contact management software programs these days? From small businesses to multi-billion dollar enterprises, most companies are using online SaaS tools like these to help centralize large amounts of information. Contract management software users such as PayPal, Aetna, Dell and Humana realize the value of digitally archiving contracts. The digital age is here to stay. Once upon a time, we researched stuff by going to the library and pouring through encyclopedias... now, we find what we need in seconds with the click of a mouse. If you want to stay competitive, you need to adapt and keep up with the latest software solutions. 

Select Your CMS Wisely 

There are a lot of companies offering CMS systems, so do some comparing. See if a free trial is offered, and find out the costs. Contract management systems can range in price from $300 to more than $3,000, so read the fine print. Check out customer reviews, and see what features are included. Ask questions such as: 

• Is the software user-friendly? 
• Do they offer 24/7 customer support? 
 Is the system customizable based on your company’s specific needs? 
• Can they provide a free trial or demonstration? 

Take the time to do your due diligence before you sign on the dotted line, so you can choose the best software solutions for your business budget

The Bottom Line On Contract Management Software

Contract management software isn’t just a passing trend, it’s a valuable tool that will help boost your company’s productivity and performance. If you’re doing business with multiple vendors and customers involving more than a few contracts, it makes sense to use CMS systems. If you’re a sole proprietor and don’t use contracts often, this may not be right for you. 

One size doesn’t fit all, so make a list of pros and cons before you make your decision. Consult with financial and legal advisors to make sure contract management software aligns with your company’s needs.

I hope you enjoyed this blog post about whether your business should be using contract management software programs.

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