When you are planning to invest in a Contract Manangement solution there are a couple of key points to focus on. Here is our list on the key parameters when selecting contract management solutions:
Focus on the repository
Having existing contracts transparently available across the organization with proactive alerts and reports will ensure the most rapid acceptance of the system across the organization and perhaps most significantly the most rapid and recognizable return on investment. Success in this area is then the basis for extension across the organization and to greater contract Lifecycle support such as authoring and negotiation.
Your requirements are specific to your company
Your organization has its own specific contract types, templates and processes to support. It is critical to select a platform which offers high configurability which is not only rapid and cost-effective for immediate deployment but also supportable and maintainable into the future as the vendor’s platform progresses through successive releases.
Start small, think big
You may only initially be planning on automating one type of contract. This focused approach is correct however ensure that the platform selected is able to support all contract and compliance requirements across your complete enterprise well into the future. It should not only address your immediate contract management requirements but also other document centric data management domains such as compliance management, intellectual property management, management of corporate structures, lease management, laws and regulations and GRC (Governance, Risk and Compliance) requirements.
Ensure it has support for multilingual, multicurrency and multi-locale operations.
Do not be forced to fit your operations and management requirements into any IT vendor’s particular platform structure. Doing so will at best generate significant training requirements and at worst user frustration and poor system usage. Select a solution which will adapt and configure to your needs.