Top 20 Features of Contract Lifecycle Management Software
What exactly does CLM software do, and what makes one CLM more effective than another?
It’s an important question that doesn’t have one direct answer. In this article, we’re breaking down some of the best features of contract management software.
Top 20 Features of CLM Software
There are tons of helpful tools in contract management software. But we’ve narrowed down the top 20 that you could use for a seamless contract negotiation workflow. Look for CLM software that has these capabilities.
Make things official anywhere and at any time with electronic signature capabilities. Contract management software allows you to quickly and easily sign contracts electronically without needing wet signatures or printing and scanning.
Many contract management software solutions come with a library of pre-built contract templates that you can use as a starting point for your contracts. This can save you time and ensure that your contracts are legally compliant.
With collaboration tools, contract management software makes it easy for multiple parties to work on a contract simultaneously. People can leave comments and make edits, which speeds up the negotiation process and ensures that everyone is on the same page.
Contract management software includes version control tools that allow you to track changes to a contract over time. This lets you view any additions and edits made to the document and by whom. It’s an excellent way to stay on top of your contracts and avoid markups from sneaking in without you knowing, which can happen easily when you redline in Word.
Workflow management tools in contract management software allow you to automate and streamline the entire contract process. You can set up rules and conditions that determine how contracts move through the approval process, and you can monitor the progress of each contract in real-time.
Stay compliant with various legal and regulatory requirements by tracking key contract dates and milestones. You can set up alerts to remind you of upcoming deadlines and run reports to see how well you meet your compliance obligations.
Contract management software provides secure, centralized storage for all of your contracts and related documents. It keeps your contracts organized and in one place, making it easier for all stakeholders to find and access relevant documents when needed. No more hunting down the legal team or searching through a long email chain when an urgent deadline needs to be hit.
Search and filtering
With search and filtering tools, contract management software makes it easy to find the contracts you need quickly and easily. You can search for contracts using keywords, dates, or other criteria. Plus, you can filter your results to narrow them down quickly.
Integration with other systems
Many contract management software solutions are designed to integrate with other business systems, such as customer relationship management (CRM) software or enterprise resource planning (ERP) systems. This can help your entire team work more efficiently and avoid manually re-entering data.
Contract management software should be highly customizable, allowing you to tailor the system to your specific needs and processes. Having customization options helps you make the most of the software and ensure that it fits seamlessly into your existing workflow.
Reporting and analytics
Gain data insights with reporting and analytics. CLM software allows you to track key performance indicators (KPIs) and receive details about your contract process. You can use this information to identify areas for improvement and make data-driven decisions.
Security is a crucial concern for any business, and contract management software includes robust security measures to protect your contracts and related data. This can consist of encryption, secure login, and access controls to prevent unauthorized access.
Manage your contracts on your phone. Contract lifecycle management software is available on mobile devices, allowing you to access your contracts and related information on your phone or tablet. This can be especially useful for businesses with remote workers or teams that are constantly on the go.
Maintain control over your contracts with user permissions. Contract management software often includes user permission controls that allow you to customize who can access different contracts and what they can do with them. It’s an efficient way of regulating access and protecting sensitive information.
Auditing and tracking
With auditing and tracking tools, contract management software allows you to see who has accessed a contract and when. This can be useful for ensuring that contracts are being reviewed and signed by the appropriate parties and identifying potential issues or breaches.
A good CLM solution will include electronic filing capabilities, allowing you to store and organize your contracts in a virtual filing cabinet. This can help you save space and reduce clutter. Plus, the advanced search and filter feature makes it easier to search for any and all contracts you need.
Stay on top of important dates with automatic reminders. Contract management software often includes auto reminder features so that you don’t miss out on any deadlines and milestones. You can set up reminders to notify you of upcoming contract expiration dates, renewal deadlines, and other important events.
Integration with e-signature solutions
Do you have a preferred digital signature tool? Some contract management software solutions make it easy to integrate with e-signature solutions, such as DocuSign or Adobe Sign. That way, you’re not limited to which software you can use when it comes down to getting that John Hancock.
Integration with document management systems
Many contract management software solutions can be integrated with document management systems, such as SharePoint or Box. This gives you multiple options to store your documents to make it easier for all parties to access and update contracts as needed. Everyone who has access will be able to see the most up-to-date version, minimizing confusion.
Support and training
Lastly, support and training services help you get the most out of their software. This can include online tutorials and user guides that walk you through the entire program so that you know where every feature is and how they work. Plus, customer support teams are available to answer any questions you may have.
Get Everything and More with DocJuris
Are you looking for a CLM that has all these capabilities (and more)?
With DocJuris, you get all 20 features and more to help accelerate the contract negotiation process. You can integrate it with your preferred e-signature or document storage software. In addition, customize it to make the software work for you.
Stop wasting time redlining in Word or trying to track down the latest version of an essential contract. Book a demo today to see how DocJuris can improve your contract workflow.