7 Industries That Can Benefit Most From Contract Management Software

Implementing contract management software is a best practice for organizations of virtually all sizes and industries. Some of the advantages of contract management software include:

  • Securely storing your contract documents and related files in one, centralized location

  • Automated alerts and reminders for critical contract milestones

  • Reporting tools for in-depth insight into the health of your contract portfolio

While nearly every business can become more productive and efficient by implementing contact management software, certain fields face particular challenges that make contract management software a smart choice. Here are seven industries that can benefit most from adopting contract management software.

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Can SharePoint and Contract Management Software be Used Together?

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.

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Comparing the Strengths of SharePoint and Contract Management Software

SharePoint is a ubiquitous software solution for businesses of all sizes because it’s convenient and familiar, since teams are often accustomed to Microsoft Office products, which integrate seamlessly with SharePoint. For businesses with straightforward document sharing and collaboration needs, SharePoint is a viable solution that can improve efficiency across teams and business units. 

Contract management software is specifically built to store, manage, and track corporate contracts and the data housed within those contracts. Contract management software gives users the tools to understand the data contained within contracts, and then take meaningful action based on those insights, which can help businesses enhance operations, save time, automate manual processes, reduce contract-related errors, and mitigate potential contract risks before they develop into significant problems for the business.

Here’s a look at some of the areas where SharePoint stands out, and some of the things dedicated contract management software does exceptionally well.

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Meet Anthony Perry, Sales Manager

At ContractWorks, 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.

We’re proud of the team we’ve assembled, and we think it’s about time you get to know the people that are innovative, agile, and committed to fulfilling the needs of our customers.

This month we’re catching up with Anthony Perry, Sales Manager at ContractWorks. Anthony plays a pivotal role at ContractWorks, working with the team of account managers to ensure that customer needs are met.

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ContractWorks Case Study: Xeris Pharmaceuticals

As companies experience significant growth and hit major milestones in their evolution, they often need to re-evaluate their existing processes and determine whether the way they’ve been operating is sustainable, or if changes are needed. A company going public without a doubt qualifies as a milestone that would lead to this evaluation, not to mention all of the additional requirements and restrictions that come with being a public company. A pharmaceutical company receiving FDA approval for one of their products is another milestone that would lead to an examination of internal policies and procedures.

Xeris Pharmaceuticals experienced both of these scenarios above in a span of just over a year. During this remarkable phase of growth, the volume and scrutiny of Xeris’ corporate agreements would increase exponentially, leading to the need for a more sophisticated system for managing these contracts and the data held within them. 

Here’s a look at how ContractWorks helps Xeris track contract milestones, tighten internal controls, and provide stakeholders with insights into their most important contracts.

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New Ebook - Choosing SharePoint or Contract Management Software

Contract management can be time-consuming and tedious when left to manual processes, so businesses often implement software to help them take control of their legal documents.

Since so many companies already use SharePoint for collaboration and content management needs, it’s common for these companies to explore whether it can also serve as a contract management system. SharePoint is a great solution for those with basic file sharing and collaboration needs, while dedicated contract management software offers its own set of benefits geared towards helping legal teams store, manage, track, and report on corporate agreements.

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Meet Kristen Johansen, VP Product Development

At ContractWorks, 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.

We’re proud of the team we’ve assembled, and we think it’s about time you get to know the people that are innovative, agile, and committed to fulfilling the needs of our customers.

This month we’re catching up with Kristen Johansen, VP Product Development at ContractWorks. Kristen plays a critical role at ContractWorks, working to ensure that the products and services offered align with what customers need to be successful.

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Meet Brendan Shanny: Software Engineer

At ContractWorks, 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.

We’re proud of the team we’ve assembled, and we think it’s about time you get to know the people that are innovative, agile, and committed to fulfilling the needs of our customers.

This month we’re catching up with Brendan Shanny, Software Engineer at ContractWorks. Brendan plays an important role working to improve the ContractWorks software by listening to customer feedback and incorporating new technologies.

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How ContractWorks Helps Tech Companies with Growing Contract Databases

As technology companies continue to experience rapid growth and expansion, you’ll need to have the proper tools and processes in place to manage the challenges that accompany that growth. Managing corporate contracts only gets more difficult as you introduce more customers, employees, vendors, service providers, and other professional partners into the equation. Small teams responsible for a handful of relatively low-risk agreements might not have a clear need for dedicated contract management software, but what happens when your company has 30, or 300, or 3,000 contracts on file, all with varying terms and end dates? What happens if your business expands and now your legal team is spread across multiple states or countries? For most companies, there comes a point in time when the existing manual processes in place stop working.

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Why You Should Start with Technology When Expanding Your Legal Team

Maintaining high revenue and low costs is the basic goal for any business. This model applies to the individual departments within a company as well, including the legal team. However, this can be difficult to accomplish, especially during growth phases when you’re looking to add new members to the team. In this article, we’ll discuss the common challenges involved with keeping legal costs low while continuing to grow revenue, and how implementing contract management software can help.

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