So you’ve decided to get a Contract Management Solution, but are not sure which product to go with. It’s a common issue after determining all the reasons you need one, such as wanting to stay on top of how many contracts you have, what their worth is, and when will they expire or renew, etc.
You might just need guidance on what to look for, so here are a few key considerations to help you with your product search:
Making sure your program utilizes as many features as possible is a great start. The Active Directory can help you avoid the hassle of creating groups, entering users and organizing them by department. If you select a Contract Management Solution such as ConvergePoint’s, any changes you make to your Active Directory will be automatically received in the software.
If you select a program with Distribution as a functionality, you’ll appreciate that you won’t have to move users around between groups, and that the right people will have the right information at the right times.
How many contracts were signed in the last month? Are the sales in Mike’s department doing as well as the sales in Steve’s department? Without a solution that allows you to report on the things that are important to you, you’re not reaching the full potential of what Contract Management is all about. Sure, you want to streamline your process and abide by compliance laws, but that’s surface level. Why not go for a solution that can handle all of that, plus give you information to improve your business?
You have a program that will organize all the data, but with busy schedules, implementing a new project might mean that some of your users forget to log in from time to time, and don’t realize they have tasks waiting for them. Avoid all of that with a contract management system that will notify the appropriate users when they are assigned with a new task, or that a document is waiting on their approval.
If you are using SharePoint, like many businesses these days, you will want to strongly consider choosing a program that further expands on its advanced capabilities. ConvergePoint’s Contract Management Software leverages SharePoint’s workflow and Web parts to ensure a seamless, streamlined solution for requests, reviews, approvals, revisions, renewals and amendments. It also helps provide a clean, organized dashboard custom to each user.
Why should I have to sort through everyone else’s contracts to find mine? Let this be a question of the past. A question that is left behind in the endless folders and mess that can become a shared drive. By making sure the right users have the right access and permissions, eliminate the risks of disappearing files and time consuming, anxiety boosting searches. Accessing your documents on the same Contract Management Software. It’s as easy as keeping everything where you assume you would find it.
When issues arise, you don’t want to be caught searching for extended periods of time for a particular document, and when you do find that document, the last thing you’ll want to do is search with a fine-tooth comb over the legal details, and search through your emails to find anything to give you a clue about why it is significant. Instead of hopelessly wishing you had kept those notes about what was needed or a concern to the third party, or what clauses were added because of some technicalities, you could easily find a contract management software with built-in audit trails, discussion boards and version history, to identify the unique aspects that took place during each step of the process.
Renewing a contract, or adding amendments to one should be easy, and organized. Solutions that offer the ability to create amendments on top of existing documents, or renewals, while retiring the old contract, should be a priority for anyone who values their current contract bound friends. The Contract Management Software you choose should be cohesive of every step of contract management.
Operating on a single platform on your own server allows you to keep all your data to yourself and in one place. Contracts and other legal information are not something to risk compromising. Putting your data on the cloud can be potentially hazardous in areas such as copyrights, security, reliability, privacy (for example: data mining), and performance.
Not only can implementing a new program be time consuming, but questions can arise that may make you feel unprepared for taking on a new solution. Ensuring that the company you choose will allow training, installation and support services also ensures a successful deployment and transition.
Where ConvergePoint Comes In:
Understanding these pain points are what built the ConvergePoint’s Contract Management Software. Operating on SharePoint 2010 and 2013 platforms,ConvergePoint’s Contract Management Software takes pride in providing all of the features above.
Beginning with a request for a contract, the request flows through an approval process sharing the top level information of the contract before it is created. Then, the contract moves through its own review and approval process. It uses the Active Directory and permissions to ensure that the right people are involved for each contract type.
Sending notifications for new tasks or item deadlines helps users stay focused on task and on time. Audit trails, version histories and discussion boards keep all correspondence regarding the same contract together, while classifications can aid in the organization of distribution, ensuring the appropriate groups only have access to the contracts they need to be concerned with. Using the Active Directory means you do not have to create new users every step of the way, and installation on your server allows privacy and security over your data.
Manage employee and teacher contracts, sponsorship deals, city and state regulations, and partnerships.
EXPLORE MOREManage supplier and vendor contracts, employee and staff contracts, distribution contracts, and facility leasing and ownership contracts.
EXPLORE MOREComply with HIPAA, HITECH, ICD 9, ICD 10, and FDR CFR regulations for contract management, and handle active directory contracts for your organization.
EXPLORE MOREComply with SEC, FDIC, FINRA, OCC, CFTC, and Federal Reserve regulations on contracts, handle employee contracts, and partnership deals.
EXPLORE MORECreate and manage employee contracts, improve organizational transparency, reduce risk factors, and mitigate lawsuits.
EXPLORE MOREAbide by local, regional, state and federal regulations, manage contractor information, develop third-party outsourced contracts, and handle facility agreements.
EXPLORE MOREComply with FAA, DOT, FMCSA, FRA and FTA regulations for contracts, outline contracts for drivers and vendors, and reduce potential risks.
EXPLORE MORE
Visit our resource library for industry best practices and how our Contract Management Software has helped numerous clients in your industry.
Let us show you how our Contract Management Software will strengthen your compliance program.
Subscribe to our Newsletter to get Compliance Best Practices, Informative Articles, Instructive Webinars & Industry-Insider Scoops.
