Why Do I Need Contract Management Software?

by | Sep 30, 2014 | Software & Hardware

Whether you are in telecom, real estate, energy, transportation, finance, utilities, or other contracting industry, and whether you are a small or large company, contract management software has become a necessity in today’s world. Some people believe that small businesses can operate efficiently without the added burden of an extra program to worry about, but this article explains why small and large businesses alike benefit from the use of contract management software.

Streamline Your Business

In the aftermath of the technology revolution, nearly everything is now automated. Even government, which is traditionally slow to adopt new procedures and especially slow to update equipment, has moved its contract management process online. Contract management software is proven to be more efficient and to help streamline operations. Multiple functions can be handled in one program. The best contract management software enables users to upload, share, and modify contracts, customize contract language, track important dates and deadlines, send automatic alerts, and generate status reports. These top programs even enable you to access the system from any device – desktops, laptops, tablets, and smartphones. They are highly secure and easy to use. Easy step-by-step instructions are provided within the software to enable employees to learn the program. Contract management has been made simple by enabling you to conduct your business all in one place.

Fit Your Needs

Various kinds of software are available based on your needs, from simple, basic web-based versions to complex, more advanced on-premise systems. Giant telecom companies that manage thousands of contracts will have different needs than a small consulting company that manages only a few contracts at any given time. Web-based versions are typically managed by an off-site provider and can be accessed from any location. On-premise systems are installed on each computer and integrated into your company’s network. Larger companies with internal IT departments tend to prefer the on-premise systems.

Cost Effective

While all of this may sound expensive, contract management software is actually quite cost effective, especially considering the services provided. Saving time and improving efficiency not only saves you money, but it also enables you to spend less time on administrative work and more time on business development. Web-based programs usually cost between $15-$300 per month (depending on the number of users and amount of data you need), and on-premise systems can range from $500 to thousands of dollars (and even tens of thousands of dollars for large commercial companies).

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