How to Choose Contract Management Software

So you're finally getting that contract management software you've been waiting for. No more scrambling to find contracts at the last minute. No more wasting time reviewing complicated legal documents just to find a simple clause. And no more missed renewals and compliance penalties.

Your new contract management software is going to make all those headaches disappear.

That's the hope at least. But the reality is many contract management tools simply don't deliver on these promises. And some of them actually make things worse.

The good news is your contract management software doesn't have to be complicated to be effective. In fact, it only needs to do four things to solve 90% of your contract management problems.

In this video, I'll explain what you should look for in a contract management solution.

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ERP & Contract Management · Part 5: How do I choose a contract management solution? from OneView Contract Management on Vimeo.

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Video Transcript

You’re sitting at your desk one day, typing away like a happy little monkey, when your procurement director walks over and says, “Guess what? Your company’s decided to issue an RFP for an ERP solution that’s gonna have a contract management module. So your life ’s about to get a whole lot better!”

Over the years, I’ve been that procurement director.

I’ve even been that little monkey.

And I can tell you, from experience — life did not get better.

At least not right away.

In the last few videos, we’ve talked about the difficulties of selecting and implementing an enterprise-wide ERP solution.

And how doing nothing could cost you tens — even hundreds — of thousands of dollars.

So what can you do about it?

Well, here’s the secret sauce that we’ve given to several organizations over the years.

It’s helped them to save money, increase efficiency, and be better prepared to move their contract management to the ERP when it was up and running.

If you’ve read any of my posts, or checked out our free course on contract management, you’ll know that good contract management is built on four fundamental pillars:

  • The ability to easily and securely store your contracts in a central location
  • The ability to quickly and easily find your contracts when you need to
  • Summaries, so you’re not sitting there reading PDFs all day
  • And a simple alert system that lets you know when your contracts are about to renew or expire.

The beauty of these four pillars is that you can implement them quickly and easily, without any impact to your RFP process for your ERP solution.

Now in the course, I give you a couple of quick fixes while you’re waiting to implement a robust solution.

But if you’re waiting for ERP, those quick fixes aren’t going to hold out.

In that case, you should consider moving to an interim solution, that’ll give you the four pillars with minimal cost and minimal effort.

You should also look for one that creates contract summaries for you.

And this is important for two reasons:

First, your team will save hundreds of hours in productivity by not having to read every line of every contract.

More importantly, the tool that creates summaries usually captures that information in a back-end database.

So when you’re finally ready to move those contracts into an ERP, you’ll save a ton of money by simply mapping the database from the interim solution to the ERP.

And it’s literally as simple as that.

Now, there are a few good tools out there that can do this for you.

We’re partial to the one we’ve built, OneView, because we designed it with this exact scenario in mind.

So we know it works.

If you’re interested in seeing a demo, or you’d like to chat more in detail, please visit us at oneviewnow.com/demo, because we’d love to connect with you.

And thanks for watching!