Deciding which software solution makes sense for your organization doesn't have to be complicated. With The Buyer’s Guide to Contract Management Software, you will learn how to you evaluate and implement the right contract management software to fit your needs. After reading this guide, you will be better informed about your options and better able to choose a contract management solution capable of meeting your organization’s goals and objectives and improving your contract management processes.

Measuring contract performance is critical to managing a company’s contract portfolio. Before you know what to fix, you first need to know what’s broken. When it comes to finding the profit potential in your contracts, you must begin by understanding what contracts you have, their status, and their potential costs and revenue opportunity. As a result, the contract management team must have clear metrics by which to measure performance.

At ContractWorks, our team represents the spirit of our company: innovative, agile, and committed to fulfilling the needs of our customers. Our employees come from a variety of experiences and backgrounds, each with a unique set of skills and talents that align with our overall mission of providing simple, smart document management solutions.

Encompassing a broad range of agreements with other business entities, your organization’s commercial contracts are an important tool for driving company performance and reducing any risks that are inherent in your dealings.

As conversations about the capabilities of artificial intelligence and related technologies pick up speed, you might increasingly encounter unfamiliar terms and concepts – and the fact that notions such as “AI” and “machine learning” and other related things are frequently (and incorrectly) used interchangeably can only increase confusion around these emerging technologies.

From employment agreements to customer and vendor contracts, businesses typically have a variety of types of agreements within their portfolios, which can have direct and indirect effects on the bottom line. And while service contracts – those with suppliers who provide business-related services such as internet and maintenance – may not have a direct line to company revenues, your ability to manage these contracts appropriately can affect overall performance.

Communication. That’s the driving force that motivates the entire ContractWorks team, from sales and marketing to product development to customer service. By encouraging feedback and working hard to develop strong relationships with our clients, ContractWorks is always innovating and updating with one eye on “what can we do?” and another on “what do our customers need?”

By combining automation with data intelligence, contract management software can help organizations tap into the previously untapped resource that is their contract management repository. At the center of this revolution lies automation.

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?

While it may be obvious that using a contract management system will enable your organization to generate reports based on a variety of metrics, the true value of this added insight may not be so obvious. With the types of comprehensive reporting available with contract management software, you and your team can gain insight into budgetary elements like spending analysis, inventory status, and compliance trends.