From budgets to best practices, contract management software can help small legal teams do more with less, whether you're a team of one or full-roster. In fact, because contract management software takes away much of the drudgery involved with signing and executing contracts, upgrading your current system can have a positive “ripple effect” across your department and throughout your organization.
So given all the advantages of dedicated contract management software, why isn’t every organization—large and small—making good use of it?
The Benefits of Contract Management Software
Management consulting firm McKinsey & Company estimates that 22 percent of a lawyer’s job can be automated by technology. Using developments in artificial intelligence and machine learning, contract management software allows smaller teams to operate more effectively by automating tedious, time-consuming tasks and providing better oversight of critical documents.
No matter whether you’re a massive firm or a tiny startup, your organization has something to gain from adopting contract management software. In fact, given the risks that breaching a contract can incur, contract management software may be even more essential for small and medium-sized businesses.
By better controlling and organizing your contracts, you and your team can track actions across departments, customize access, and monitor deadlines. Deploying the right contract management solution can help your organization streamline tasks and exchange time-consuming administrative responsibilities, like manually inputting due dates or searching for contracts in emails and filing cabinets, for more substantive and high-value contributions.
No matter whether you’re a small department that is part of a larger corporation, or a team of two or three at a mid-level organization, your legal department has a great deal to gain from adopting contract management software.
Deciding If It’s Time to Upgrade
When navigating your contract management software options, it’s important to understand what’s holding you back, and how you can overcome some historical challenges or current roadblocks.
When deciding whether contract management software works for you, consider:
Budget: Learn how to compare high-priced, enterprise-level solutions against simple, contract management software
Time: Discover how to overcome implementation fatigue and measure the ROI of switching to a tool
Scalability: Articulate future goals and anticipated growth in order to select a contract management software solution that can grow with your organization.
The Right Fit for Small Legal Departments
Despite the concerns above, the right contract management software can be a game changer and a force multiplier for small legal departments. Contract management software takes away much of the drudgery involved with signing and executing contracts. Making your contract management workflow more orderly and predictable has a “ripple effect” on the rest of the business, helping you lower costs and manage your budget better.
Ready to learn how contract management software can enhance your operations? With Contract Management Software for the Small Legal Team, you’ll learn how contract management software has evolved and why today’s solutions include options that can fit every legal department’s need, regardless of size or complexity.