Question 1

What does contract management software do?

Accepted Answer

In a nutshell, contract management software helps businesses and organizations manage the creation, execution, as well as the review of contracts: all in one convenient and safe place. This is what makes contract management software so useful: it’s a versatile service that allows your employees to carry out their jobs in a cost-effect and efficient manner.
Instead of having paper contracts and information stored across filing cabinets, email and servers—everything is in one convenient cloud-based location.You will no longer have to rely on outdated paper-based systems.Contract management software greatly reduces the chances of contracts becoming lost; or compliance measures not being met. The right contract management software services also help with communication between your staff and all contractual counterparties.
The right software will help you and your contractual partners to establish clear requirements and objectives.You, and your team, can track contract management workflows and tasks to make sure each team member is working on the right tasks.
As a cloud-based software, staff aren’t confined to their desk but can access the contract information from their laptops whenever they need the information. If you’d like to know more about what this software can do or your business, please get in touch with our team.

Question 2

What to look for in contract management software?

Accepted Answer

With contracts being the foundation of business relationships whether with employees or clients and third-party vendors, it’s important you have a contract management software that can cater to all your business requirements. We have compiled a list of the top ten factors you need to consider when choosing the best contract management software for your business:
1.	Real-time alerts for important deadlines.
2.	Automated alerts and notifications for important contract dates. This helps with sending invoices, making payments and sending out other requests without delay.
3.	Effective contract organization.
4.	The software should have efficient search tools.
5.	All types of contracts and legal agreements are supported.
6.	Flexibility and versatility to grow with expanding business needs
7.	Easy and quick contract generation, signatures and approval through contract management tools.
8.	Rapid deployment and ease of use.
9.	Must be able to integrate with existing IT infrastructure and software solutions.
10.	Contract storage support should be secure and simple.
Before choosing a contract management software service for your business, it is incredibly important that you look at these essential factors before choosing a service. If you have questions about whether contract management services are right for your organization, ContraxAware offer one-on-one consultations to help you make the best decision for your organization’s needs.

Question 3

What can contract management software ensure?

Accepted Answer

ContraxAware’s Contract management services ensure you will work with a complete end-to-end solution that will streamline your entire contract management process.
This means less time spent on managerial tasks, and more time spent on important work.More importantly, it can save your organization money. One way the right contract management software can save your money is that it makes easier to track and manage contractual obligationsof all parties involved. As well as ensuring all parties know—and keep track of—what their contractual duties are.
Contract Management software is able to address—and solve—these problems by concisely and clearly displaying the value from the agreement your company should be receiving. If your employee notices this value isn’t materializing when are where it should be, they will have the ability to quickly find and follow-up with employees on the other end of the contract.

Question 4

What are the key benefits of contract management software?

Accepted Answer

If you’re not sure why you need contract management software, we’ve put this list together of some of the key benefits. 
7 benefits of contract management software
This list is by no means exhaustive, but it does highlight why so many organizations swear by contract management software.
1.	Store all confidential contracts on a secure cloud service. this can only be accessed by authorized users.
2.	Make sure you never miss any important contractual deadlines.
3.	Simplify the overall contract management process.
4.	Electronic signatures help streamline the signing process.
5.	Your sales team will find it is easier to balance many priorities at once.
6.	No longer worry about missing contract negotiation opportunities.
7.	Identify revenue opportunities; which can allow you spend more effectively.
Leveraging these benefits can help your business have an error-free and effective contract management process. As well as help to produce a more cost-effective and predictable outcome.

Question 5

Why are contract management services necessary?

Accepted Answer

The previous four FAQs collectively answer this question. But we thought we would answer the question more succinctly here.
Contact management services are necessary for a whole range of reasons. We’ve put this list of seven together for your consideration:
1.	Making the operation and monitoring of each contract easier, as well as providing an increase in visibility and control.
2.	Reduction in spend together with an increase in profitability.
3.	Maintaining overall security for key business information.
4.	Minimization of risks and liabilities as a result of better information as well as system flags and alerts.
5.	Effective Service Level Agreements (SLA) as you will have access to better monitoring as well as more information to work with.
6.	Regular and appropriate production of management information to ensure you meet the needs of your business.
7.	Greater productivity from procurement staff. This is a result of contract management services removing most of the basic monitoring activities procurement staff would have to do.
These are just some of the reasons why contract management services are a necessary part of your business, if you would like more information, please feel free to contact us.

The ContraxAware Services Team will be with you every step of the way.

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Contract management services FAQs

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