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Your supply chain team needs contract management software. What should you be looking for?

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Contract management software is a tool that helps you manage your vendor contracts throughout their lifecycle, from creation to renewal. It can streamline your workflows, reduce risks, improve compliance, and save you time and money. But with so many options available, how do you choose the right one for your supply chain team? Here are some key features and factors to consider.

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Jesse Zarate

Advisor | Mentor | Executive | Leader | Supply Chain | Operations | Technology | Business Management | Logistics | COO…

1 Centralized repository

One of the main benefits of contract management software is that it allows you to store all your contracts in one secure and accessible place. You can easily search, sort, filter, and track your contracts by various criteria, such as vendor, status, expiry date, value, and more. You can also attach related documents, notes, and communication history to each contract. This way, you can avoid losing, misplacing, or duplicating contracts, and ensure that everyone has the latest and accurate information.

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Jesse Zarate

Advisor | Mentor | Executive | Leader | Supply Chain | Operations | Technology | Business Management | Logistics | COO | CPO | CSCO
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In my experience, central repositories are a great method to ensure and control contracts. Important features to look are: 1. Management of important dates for each contract. 2. Approval hierarchy and workflow for review and signatures 3. Version management

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2 Automation and integration

Another advantage of contract management software is that it can automate and integrate various tasks and processes related to your contracts. For example, you can use templates, clauses, and workflows to create and approve contracts faster and more consistently. You can also set up alerts and reminders to notify you of important dates and actions, such as renewals, payments, or performance reviews. Moreover, you can integrate your contract management software with other systems and tools that you use, such as your ERP, CRM, accounting, or procurement software. This way, you can eliminate manual data entry, reduce errors, and enhance collaboration.

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Jesse Zarate

Advisor | Mentor | Executive | Leader | Supply Chain | Operations | Technology | Business Management | Logistics | COO | CPO | CSCO
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Integration with other tools is a a great feature as it helps to manage suppliers, control operational aspects of the relationship such as pricing, Purchasing management, and other terms and conditions. Integration is very helpful, specially with ERPs and Supplier Management and procurement tools.

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Teddy Hartvig D.

Contract & Commercial Management Consultant | Contract Management | Procurement | Strategy | Speaker | Negotiation
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Ensure that the system support a OCR or similar technology to ensure search across your contract documents. This in itself self will contribute to a more efficient work process

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3 Compliance and security

A third benefit of contract management software is that it can help you comply with your internal and external policies and regulations. You can use features such as audit trails, version control, electronic signatures, and encryption to ensure that your contracts are valid, traceable, and secure. You can also use reports and analytics to monitor and measure your contract performance, obligations, and risks. This way, you can avoid penalties, disputes, and breaches, and optimize your contract outcomes.

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Jesse Zarate

Advisor | Mentor | Executive | Leader | Supply Chain | Operations | Technology | Business Management | Logistics | COO | CPO | CSCO
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Security of contracts and other legal documents are key to any relationship and competitive advantage with other companies. Things such as encryption, electronic signatures, version control and traceability are key factors to manage the document, however, access to the repository should be very well controlled and monitored. Processes and access control are very important and sensitive features of a system.

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4 Scalability and customization

A fourth factor to consider when choosing contract management software is how well it can adapt to your changing needs and preferences. You want a software that can grow with your business and handle your increasing volume and complexity of contracts. You also want a software that can be customized to your specific industry, function, and workflow. You should look for a software that offers flexible pricing plans, different deployment options (cloud-based or on-premise), and various configuration and customization capabilities. This way, you can get the most value and functionality from your contract management software.

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5 User experience and support

A fifth aspect to look for when selecting contract management software is how easy and enjoyable it is to use and maintain. You want a software that has a simple and intuitive interface, a fast and reliable performance, and a comprehensive and accessible documentation. You also want a software that provides you with adequate and responsive support, such as online help, phone, email, chat, or forums. You should look for a software that offers free trials, demos, training, and feedback channels. This way, you can ensure that your contract management software meets your expectations and requirements.

Choosing the right contract management software for your supply chain team can be a challenging and time-consuming task. But by considering these features and factors, you can narrow down your options and find the best fit for your needs. A good contract management software can make a big difference in your vendor relations and your bottom line.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Your supply chain team needs contract management software. What should you be looking for?

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3

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1 Centralized repository

2 Automation and integration

3 Compliance and security

4 Scalability and customization

5 User experience and support

6 Here’s what else to consider

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