A contract management system is a software solution designed to streamline and automate the creation, negotiation, execution, and management of contracts throughout their lifecycle.
Contract Management System helps organizations efficiently handle their contracts, from initial drafting to renewal or termination, by centralizing contract data, improving visibility, and ensuring compliance.
Main features
Contract Repository ensuring protected access to single source of truth about company’s contracts
Electronic signature integration to facilitate the signing process and enable to sign contracts electronically
Library of contract templates and clauses to create new contracts quickly and efficiently, ensuring compliance to company’s standards
Alerts and notifications about expiration dates, key milestones and other contact dates
Reporting and analytics capabilities to track indicators related to contract performance and vendor relationship
Typical benefits
Reduced risk of non-compliance, missing deadlines or even lost contracts
Improved efficiency and faster cycle times related to automation of manual processes
Better contract visibility and performance lead to better and more informed decisions
Contract management helps to ensure legal, regulatory and company’s internal requirements and industry standards
