3 Common Mistakes When Considering a Contract Lifecycle Management Software
Every business owner would agree that making new purchases is among the hard things to do. That is particularly true when organizations seek to adopt new technologies, like contract lifecycle management software.
This software offers the ideal technology if your legal, procurement, and sales departments have been struggling to determine methods to cut down the spendings on contracts, find better ways to manage corporate, buy-side, and sell-side contracts, and to minimize the time of the average sales cycle.
Even if you have finally decided to consider contract lifecycle management software, you may still feel uncertain about how to proceed or which one best suits your business needs. Plus, no matter how many benefits you are aware of about using a contract lifecycle management solution, you may still make mistakes when evaluating the software.
With that in mind, here are three common mistakes you should avoid when considering a contract lifecycle management software:
Mistake 1: Choosing A Contract Lifecycle Management Software that Does Not Supply A Full End-to-End
Your organization may not require all the features right away, but your organization’s needs will eventually change while the system rolls out and your business grows. At that point, you may realize you need those features that you did not originally feel met your business’s needs.
If you choose software that cannot manage the contract’s full lifecycle, you may have to search for other products to meet those needs. In return, your organization will have to incur additional costs and have a decentralized system for its contract lifecycle management processes.
Meanwhile, if you choose to use an end-to-end contract lifecycle management software, you will enjoy things like artificial intelligence, authoring tools, workflow automation, and efficient data storage and reporting.
Mistake 2: Forgetting About Artificial Intelligence
It is likely that you already have ideas or preconceived notions about how beneficial contract lifecycle management software can be for your contract lifecycle management processes. These key benefits include Microsoft Office integration, conditional contract generation, eSignation integration, secure collaboration, and document management. However, integrated artificial intelligence may be missing from your list of benefits to adopt into your business.
A contract lifecycle management software with AI capabilities provides a contract’s first-pass review and then annotates it according to your company’s information, playbook, and checklist. If you allow your legal team to concentrate on the medium to high-risk areas, they can contract lead time, address common legal workflow pain points proactively, and automate guidance.
Mistake 3: Choosing A Contract Lifecycle Management Software Based Solely on Cost
It may be easy for you to say that you will choose a contract lifecycle management software according to cost. However, you have to remember that contract lifecycle management software is a large, advanced technology aimed to resolve the significant issues of an organization.
Having a full end-to-end contract lifecycle management software allows the benefits to stretch beyond the legal team and then deliver tremendous gains for other departments, such as HR, sales, and procurement. If your organization is big, you can make more efficient and faster decisions. As such, you should not only focus on the cost but also consider the return on investment you would get from using this software.
Making sure that you have the right contract lifecycle management software is not a quick and easy task. You will need to concentrate on the features and benefits and the common mistakes you may encounter. Now that you are aware of those common mistakes, hopefully, you will end up with the right software for your business needs.