Finding the Best Contract Management Software

As a business, maintaining a solid client base is key to survival and continued growth. In order to enter into a relationship with a client, often contracts are involved. It’s no secret that to retain clients, you must not only adhere to those contracts, you must be acutely aware of when contract renewals come and when amendments to contracts must be made. Additionally, contracts can be quite intricate and complex legal documents, so understanding and strictly adhering to every detailed specification outlined in a contract can at times be a significant challenge.

The way you handle contracts is closely tied to client happiness and retention. To keep current clients satisfied and ensure they have a pleasant experience working with you, it’s critical you manage and process contracts professionally, correctly, and in a timely fashion. Few things will destroy trust more quickly than a slow contract agreement process or failure to comply with a contract altogether.

Thankfully, you don’t have to go it alone. There are tools available to help you manage contracts and maintain positive working relationships with your clients. One of these tools is contract management software. In short, if you want to retain and acquire satisfied clients and set your company up for success, you’d be well-advised to have the best contract management software on your side.

Contract management software, as the name implies, is software that is built to help you manage contracts with clients. The best contract management software, however, enables more than simple management of contracts, and encompasses the whole contract process from contract creation to storage, retrieval, and renewal. To put it simply, the best contract management software simplifies the often complicated world of contracts.

With a solution that offers a more streamlined and clear contract process, clients and companies alike feel more at ease. Contract management software often leads to quicker and more accurate approvals and renewals. One study found, in fact, that contract approval time decreases an average of 82% with the implementation of a contract management solution. More efficient approvals and renewals lead to higher levels of customer satisfaction and lower levels of stress within your organization. Often, contract management software is paired with customer relationship management software to provide a more robust view of each client or customer and enable deeper relationships and easier and more informed renewals.

In today’s fast-paced digital world, more and more companies are automating their processes. It’s such a focus, in fact, that many measure organizational success by how well they’re incorporating automation. Interestingly, a staggering 81% of high-performing IT leaders believe the percentage of their business processes that are automated is an important KPI for their company.

The focus on automation has companies seeking software solutions for more and more functions. One of those areas is contract management and CPQ software. In fact, analysts project that the global market for configure price and quote (CPQ) software will grow at a compound annual growth rate of 14.53% from 2017 through 2021. With all this focus on automation, finding and implementing a robust and accurate software solution to help with contracts and quotes is becoming increasingly necessary if you wish to keep up with your peers.

There are many advantages of contract management software, if you find the right solution. Here are just five advantages offered by the very best contract management software solutions:

1. The best contract management software ensures organization.
2. The best contract management software enables real-time contract updates.
3. The best contract management software improves client satisfaction and retention.
4. The best contract management software enables quick and accurate proposals and renewals.
5. The best contract management software frees up time.

With the right contract management solution, you’ll no longer need to search through emails or filing cabinets to find important contracts. Contract management software will keep each and every contract organized and available in an instant. This means less stress for you and clients.

Client needs and circumstances change, so often contracts do as well. The best contract management software solutions understand this and have functionality that enables you to update contracts quickly and painlessly.

With client information and contracts stored and available at your fingertips, it’s easy to keep clients aware of where you stand in relation to fulfilling contracts. Clients who can sense that you run a tight ship and see that evidenced in the way you handle contracts with them will feel more comfortable doing business with you, and they’ll be happier. Happy clients will be more likely to continue the working relationship with you.

The ideal contract management software will automatically notify you when renewals come up. Current contract details are saved, so you can work off past details when crafting new quotes and proposals and presenting renewal options. When contract management software is paired with a powerful CRM, additional insights can be gathered to form more robust proposals.

Contract management software enables you to stop fussing over contracts and start focusing on clients. When those who handle contracts are freed up to focus on the human aspects of the company or client relationship, satisfaction soars, and loyalty comes naturally.

The capabilities of contract management software are exciting and the prospect of implementing a solution can be liberating. That said, keep in mind that not all contract management software is created equally. The best solutions will be easy to use, have robust functionality, and fit well with your organization’s budget and goals.

Ease of adoption and use is a very important consideration when selecting a contract management solution. Look for a platform that’s not only intuitive, but that also offers detailed support and training on the product. You don’t want to invest in a software solution only to be left to navigate its intricacies alone. Make sure support is included and ample.

Your contract management software should do more than simply keep contracts organized. Find one that does the heavy lifting for you and tracks contract deadlines to automatically inform you when contracts are up for renewal. Seek a solution that also gathers data, tracks attrition rates, and gives an accurate renewal forecast. A solution with robust functionality like this will inform key business decisions and help you build more meaningful customer relationships.

You need a contract management software solution that is the right fit for you business. While you may wish to have the most robust solution, at times your budget may not allow you to pursue this. Explore all of your options and determine if there are different levels of service and functionality that align with your budget and goals. Look for a solution that integrates with your CRM and offers additional integrations.