Sooner or later, every company comes to the realization that it must purchase a new system or software to improve workplace efficiency. Legal teams, in particular, must adapt to brand-new technologies, such as contract lifecycle management (CLM) solutions.
But let’s face it, there are many features and functionalities to consider when looking for a good CLM vendor, and while watching contract management software demos. And sometimes, the search can be pretty overwhelming. There are demo options for many contract management systems (CMS), however. You can see firsthand the way that systems work before deciding on which one to purchase for your legal department.
Now, here’s exactly what to look for when watching a CLM demo – and how to choose the right vendor for you.
ROBUST DASHBOARD AND REPORTING FUNCTIONALITY
A dashboard helps you to understand the scope of your company and its contracts, as well as any significant subsets of them. Consider it a bird’s-eye view of all of your agreements – and a one-stop-shop for everything contract-related. With the help of a dashboard, contracts are easy to locate all at once.
This is a crucial feature to have in order to prevent contracts from being lost or misplaced.
Because reporting functionality is equally important, be sure to find a CLM system that can run reports on key obligations: which contracts are up for renewal in the next month, for instance. Being able to create these as a legal team allows you to be more forward-thinking.
CONTRACT MANAGEMENT SOFTWARE PROVIDES OPTIONS FOR CROSS-TEAM COMMUNICATIONS
Sometimes, a contract has to have many pairs of eyes on it before it can be finalized and approved. So, the more you can automate away from bottlenecks in that process, the quicker you can reap the benefits.
Being able to create reports for legal teams is important and allows for a forward-thinking approach. While watching a contract management software demo, make sure that the system has options for collaborating with other employees and users. This speeds up the process for contract review, edits, and approvals. Also, see if the system can track key dates and set reminders that are fully configurable by a business user. Artificial intelligence (AI) certainly helps with this.
ARTIFICIAL INTELLIGENCE QUICKLY YIELDS RESULTS
Some platforms offer AI that requires users to go through hundreds – or even thousands – of contracts before it starts working. As a result, it is important to ascertain that an AI offering is truly a value-add early on. You need to be sure it will continue to serve your company’s purposes and aid your legal team throughout its legal digital transformation. A demo that illustrates the full use of AI in the system is a bonus then.
WORK WITH A GOOD PARTNER
Granted, the benefits of a CLM system need to be carefully considered. But you will want to partner with a vendor that will work with you in the long term. It simply is not enough for them to sell software, leaving adoption and implementation entirely to you. While looking at what a vendor has to offer, remember the importance of implementation teams and customer service managers. After all, it is much easier to begin your digital transformation journey with a skilled army right behind you.
FLEXIBLE, CONFIGURABLE WORKFLOW
Yet another feature to consider is flexible and configurable workflows. This is important for any legal team, especially those working remotely or those with employees spread out around the world. So is a feature that allows you to easily configure metadata and create simple intake forms.
AUTOMATIC CONTRACT GENERATION
Look for a system that has options for collaborating with other employees and users. New technologies like cloud-based CLM systems not only make work digital and easily accessible, they do a lot of the work for you. That way, your legal team can focus on important tasks that get placed on the back burner due to manual contract review.
While viewing a demo, see if the vendor provides automation contract generation. With it, your legal team can create contracts efficiently and effectively, even if they do not have development knowledge. You can check out our Auto-Contract Desk feature.
E-SIGNATURES
Finally, a valuable feature to watch out for in a demo is e-signatures. With a vendor that partners with trusted technologies, such as DocuSign, you know that your legal team’s contracts are completely safe.
Also, keep in mind the lengthy process of getting contracts approved and signed. Parties need to sign physical copies by hand before sending them back. And that can take weeks. With esignatures, however, contracts can be approved quickly and signed immediately upon approval.
WHICH CONTRACT MANAGEMENT SOFTWARE DEMO IS ‘THE ONE?’
So, use this checklist while looking for a CLM system and viewing demos. Invariably, you will find that an AI-powered CLM system has all of the right features and functionalities for your legal team.
Author:
Deirdre Leone
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