If you're reading this, consider buying the best contract management software (CMS) to assist you in addressing your most pressing contract management process issues. You're most certainly looking for a solution that not only simplifies and streamlines the contract life cycle but also integrates smoothly with your organization's existing procedures and increases efficiency without imposing undue budgetary burdens.
With hundreds of options to examine, as well as different features and pricing methods, deciding on the best solution necessitates significant thought and planning.
Map your present and future contractual procedures
Before you begin the process of selecting and adopting the best contract management software at your firm, you should examine your current contract management process and define your vision for the future. If you need assistance creating and maintaining a contract management framework, download our Contract Management Playbook, which includes a step-by-step procedural checklist to help you construct a more efficient and consistent approach to contract administration.
Identify the contracting issue you want to solve first
Only address some of your contracting issues at a time. Identify quick wins to accelerate time to value. For example, consider addressing one or more of the following areas:
- Requests: intake, workflow management
- Contract Generation: Template Creation
- Clause Library Storage: Repository, Search, and
- Metadata Management: Post-signature responsibilities tracking
Determine who will be affected by the solution and who will participate in the purchasing process
Do you want to implement a solution that will meet the needs of the legal team? Multiple departments? What about the entire company? Identify the essential stakeholders for your contract management process:
- Who makes the decisions?
- Who provides feedback?
- Who should be informed?
- Who will be the most powerful users?
Form a buying committee
Assign an individual or group of important stakeholders to manage the selection process of contract management software for small business from start to finish, ensuring that your evaluation process runs as smoothly as possible.
Set an annual budget for contract management software
As previously said, contract management software for small business is divided into two categories: focused and enterprise, and the costs of these contract management solutions can vary greatly. There is a base annual fee for the program, which is generally charged per seat, as well as additional implementation or support costs.
Investigate solutions that can meet your defined demands
There are numerous methods to delve deeper into suppliers and their contract management capabilities, including:
- Visit third-party software review websites such as G2, Capterra, and Gartner Peer Insights.
- Read vendor websites to discover more about their offerings, pricing models, and client success stories.
- Consult with your in-house counsel colleagues for insights, guidance, and referrals.
Create a decision-making framework
Rank your priorities and avoid treating any two as equal. This will ensure that you make the right assumptions and improve the areas that you desire. Divide your list of criteria into two distinct categories: "must-haves" and "nice-to-haves." This method will help you improve your decision-making process. Specifically, if a product needs a must-have feature, it might be dismissed without further evaluation, regardless of how many nice-to-have characteristics it may offer.
In Summary
While there are numerous contract management systems on the market, it is critical to consider all relevant variables when determining the best contract management software that is ideal for your legal team.
