If you manage, own, or run a business that utilizes contracts, you probably already know how frustrating and time-consuming it can be to draft, review, and analyze them. Wouldn’t it be beneficial if you had a software tool that could do all that–and more–for your company to streamline this process, help your employees concentrate on other tasks, and reduce errors and omissions? Fortunately, there are systems available–such as those offered by Ironclad–that can do just that.

Here is more information on contract management systems, their features, and how to choose the right one for your needs.

What are Contract Management Systems?

A contract management system is a digital platform that helps centralize and automate the lifecycle of the contract from creation through negotiation, execution, and beyond. Some of the best systems available in this day and age like Ironclad use AI to help automate tasks, create a central repository for information, streamline workflows, and create standardized templates that can be used over and over.

What Features Do Contract Management Systems Have?

It can be overwhelming when you start looking at contract management system options because of the many features available. Once you familiarize yourself with all the options available, though, you can easily pick and choose the ones you need to help you make a solid selection. Here are some examples of features of a contract management system:

• Contract creation with features to design and launch contracts, centralize processes like intake and review, set and enforce contract guidelines, and build and modify workflows.
• Collaboration and negotiation tools like drafting, editing and redlining documents with changes tracked in one location, collaboration with counterparties, and embedded negotiation guides.
• Knowledge management tools that can upload, scan, and create searchable documents, eliminate manual tagging, and tract operations.
• Provide analytics and reporting that provide valuable insights.
• Integration with tools your team currently uses such as Salesforce, Slack, Zapier, and Microsoft Teams.
• Secure infrastructures that mitigate risks and build a culture of security.

How Can You Choose a System that Scales with Your Business?

Whether your business decides to streamline and create a tighter-knit group or opts to expand and grow, you want to know that your contract management system can pivot with you. That’s why it’s important to talk with a knowledgeable professional who can explain their contract management system to you, show you how it works, and can demonstrate how the software can be updated to scale with your business no matter what direction it takes. No matter how fast you grow or what new products or services you decide to offer, you want to choose a system that will continue to fit your ever-evolving needs.

The Right Contract Management System for You

Ready to put a contract management system in place that can help save your company time and money while also creating deeper insights into your processes and workflows? If so, you need to look at a system that is intuitive, utilizing AI, and can scale with your business no matter what direction it takes. When you choose the right system, you can improve efficiency and accuracy and help your business take the next step toward success.