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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Improve Legal Department Operations with Contract Lifecycle Management

Legal departments have spent the last 10 to 15 years trying to figure out ways to reduce spend and maintain high levels of efficiency. One of the biggest areas of opportunity: improving the way contracts are managed.

The International Association of Contract and Commercial Management issued research showing that improving contract management can increase corporate profitability by nearly 10 percent annually. Implementing a contract lifecycle management (CLM) system helps legal operations not only contribute to such an increase in revenue, but to streamline the management of each contract so volumes of vital contracts remain error- and risk-free. CLM helps an organization integrate automation into the lifecycle of a contract so humans aren’t burdened with repetitive tasks, contracts are secure through software-based storage, and approvals happen more quickly.

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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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3 Ways to Structure Legal Operations for Maximum Efficiency

In-house legal departments are being redefined due to a number of internal and external factors. Whether it’s due to mergers and acquisitions, a need to stretch resources across multiple business locations and geographies, or other influences, legal departments are being asked to drive more value than ever before and to do so more efficiently.

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New Ebook - Legal Department Operations: A Guide for General Counsel

Legal department operations have shifted over the last decade to reflect a broader, global drive toward more efficiency. Every market around the world has felt the effects of the last 10 years of soaring technological change, and the legal operations field is no exception. But legal departments are taking a multi-pronged approach to accomplish this goal of becoming more efficient to contribute to overall organizational profitability: they are onboarding specific people as well as technology solutions. 

After reading Legal Department Operations: A Guide for General Counsel, you should have a better understanding of the relationship of technology to the growing legal operations field, how certain solutions help streamline legal ops to solve common problems, and the role of general counsel in the expanding legal department.

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What is a Legal Operations Analyst's Impact on General Counsel?

Across business units, companies are strategically looking at ways to become more effective and efficient, leveraging technology and data to improve operations, glean more actionable insights, and derive other important benefits. In-house legal departments are no exception.

Legal operations analysts and legal operations teams are focused on improving in-house counsel’s ability to do their jobs, transforming key operations so that legal teams can deliver their best results. But because this is a relatively new function, it’s helpful to understand what legal operations analysts do and how their work impacts general counsel and legal operations as a whole.

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How Legal Operations Departments Are Evolving

As the old saying goes, change is constant. This is especially true within the corporate world, where businesses must keep pace with market forces, technological advances, and other factors in order to maximize efficiencies and stay competitive. No department is spared from this ongoing need for evolution, and that includes legal operations.

So how are legal operations evolving? An annual survey with legal operations leaders shows a number of key shifts. Here are three ways legal operations departments are evolving – and the impact these trends may have on resources, processes, and other considerations that impact in-house legal teams.

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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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Contract Management Software: The Right Fit for Small Legal Departments

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?

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Choosing the Right Legal Technology for Your Organization

Sometimes, managing a legal department can feel a bit like a high-stakes round of whack-a-mole. Clients must be handled. Contracts need to be signed. Payments and finances must be monitored. Above it all, diligent oversight and a proactive strategy must be maintained.

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