SharePoint and contract management software are two very different software solutions designed to address entirely separate business needs. For those looking for a collaboration and communication portal, SharePoint is an easy-to-use software solution that works well with many other Microsoft Office products. For those looking for a system to help take control of their complex contract portfolio, dedicated contract management software includes a robust set of features built to help contract managers stay on top of corporate agreements and deadlines, reduce organizational risk, and improve operational efficiency.
While the two solutions are designed to address very different areas of a business, there are situations where the two tools can be used together.
Here are two ways legal teams surveyed by ContractWorks are using both solutions together to take advantage of the strengths of each type of software.
Collaboration on Contract Drafts
SharePoint can be utilized to collaborate on drafts before uploading the finalized document into a contract management repository, which will then give users access to electronic signature tools, milestone notifications, and custom reporting options.
Some contract management solutions offer the ability to draft and redline contracts within the platform, but many legal departments already have a solid process in place for this using existing tools like Microsoft Word and/or SharePoint. For those considering contract management software that doesn’t address the drafting and redlining of contracts, using these two tools together can create a solution that offers the best of both worlds. Plus, contract management software that attempts to solve for too much of the process often becomes unnecessarily expensive or cumbersome, so many businesses opt for simpler solutions that address only their biggest needs.
Storage for Archived Contracts
For those that want to keep their contract management as clutter-free as possible, outdated and/or archived contracts could be stored in a system like SharePoint, leaving only active agreements in the contract management software.
Contract management software offers the ability to seamlessly organize files and folders, but keeping your repository clean and simple has its advantages. And while there are plenty of reasons to hang onto inactive agreements, some users prefer to only keep the contracts that need to be actively monitored and tracked within the contract management system.
Choosing a Solution Based on Your Pain Points
Contract management software isn't the answer for every situation, but for legal teams and anyone else responsible for managing corporate agreements, investing in dedicated contract management software is typically worth the upfront costs and quickly pays for itself many times over. When looking for help with contract management, the most important thing to consider is the business’s most pressing needs and pain points, and what kind of a solution will best address those specific needs.
Effective contract management is a critical function within every company, and can be a complex, time-consuming endeavor. Having a simple, user-friendly contract management software solution in place will give those managing contracts the greatest ability to be successful in their roles, and remain in control of a company’s contract portfolio.
For more information about the types of business goals SharePoint and contract management software are designed to address, download Legal Tech Guide: Choosing SharePoint or Contract Management Software.