Digital records used to store contract details can be a real headache. Many businesses are still using messily-stored data and without the proper solution, these digital files can lead to problems in the future. Contract management software allows firms to keep track of all important contracts, from simple vendor agreements to complicated business deals and worse. Contract management can be a challenge. Contract managers must store, manage and access large amounts of contract data while ensuring that the information is accurate and reliable at all times.
Imagine trying to get through a typical day without your computer or smartphone. It’s impossible! Now imagine what it would be like if you didn’t have access to important emails from work; instead, you’re left with just paper copies of each message. You might end up missing an important meeting or forgetting to send a proposal to a client because you didn’t print out the email until later in the evening. Or perhaps you’ll find yourself wasting time searching for an old file on your office computer when there should be a digital version stored online somewhere.
That’s why organizations should opt for a contract management software solution. With an automated system, managers can store all important documents in one place and ensure that old files are archived off the company server to avoid taking up space.
Notice that this paragraph contains two different “levels.” The first level is just background knowledge about Contract Management Software (CMS). This background knowledge does not provide any new information or answer any challenging questions directly. However, the second level is more specific; it provides very specific information about how some challenges could be solved with contract management software’s ability to archive contracts electronically, rather than on paper. A reader who wants to copy and paste passages from Wikipedia without understanding them will miss out on these “solutions-within-the-problem” nuances and may accidentally write an article that contains nothing but background knowledge.
The following list of the challenges (and suggested solutions) should help you better understand how CMS can be utilized to solve the contract management issues.
Space Limitations and Compatibility Issues
Many users struggle with having enough space to store all of their contracts online as well as the ability to conveniently share this data among various parties (as opposed to a single user finding it difficult to upload dozens of lengthy documents). Solutions here involve allowing users an unlimited amount of storage space plus the convenience of not downloading each contract before viewing them – simply log in and click “open” to view and edit them in seconds.
Legal Regulations and Compliance
As mentioned earlier, one of the most common challenges involves legal requirements and compliance. You need to make sure you are using a solution that enables you to scan all documents for the text that matches certain keywords or contains other elements that place them in violation of regulations, such as with HIPAA or Sarbanes Oxley (SOX) standards.
This ensures that no sensitive information is ever stored in an unreliable way and puts your business at risk. Another challenge you might face could include being able to streamline all contractual agreements, internal memos, and other related documents into one location so that you can have quick access to any relevant information in the same file or folder. This helps cut down on time spent looking for files when they are readily available at a moment’s notice from one central database.
Duplicate Documents and Content
In addition, users often have a hard time with repetitive contract content or scanning the same information over and over (for example, if you work with multiple customers at once). This can be solved by allowing CMS software to create customized templates from past agreements so that only minor changes need to be made upfront before getting started on new contracts. This allows businesses to streamline their efforts while minimizing redundancies between files.
Data Security and Accessibility Issues
Another challenge deals with issues around data security as well as the accessibility of data across different devices. A solution here could include being able to automatically back up all documents on an external database so that even if something happens to the original file, you still have a backup. This also allows you to access documents anywhere and anytime, whether it’s on your local computer or at home with your tablet after work.
Ad Hoc Data Entry and Missing Information
Additionally, users face challenges such as having no way of accepting ad hoc data entry once documents are finalized for distribution. A solution here could include being able to quickly add annotations, highlighting, and various other input features that allow users to make quick changes without having to start from scratch or starting over with a new page in the document.
File Compatibility Issues
Another challenge is dealing with compatibility issues between different versions of Microsoft Word and Adobe PDF formats that ultimately make it difficult to share documents with other parties. A solution here is to use a CMS software that allows users access to a single source file for all versions of the document and uses a web-based format (HTML) so that there are no compatibility issues regardless of which device or operating system you’re using, from Windows to Apple devices.
Inconsistent Document Styles
Another challenge is associated with inconsistent styles in text boxes throughout various versions of files that are working their way through different departments and age over time as they get passed along. This can make it difficult if not impossible to compare two or more versions of the same contract and compare specific sections due to inconsistent layouts. One solution is to utilize an online tool that automatically detects the version of the document you’re working with and formats text boxes so that they look identical to each other.
Lack of Flexibility in Button Functionality
Another challenge deals with a lack of flexibility in button functionality – for example, when working on an online contract, it’s difficult typing in new information if the same buttons are used to select from pre-existing options. A solution here is using CMS software where buttons do more than just allow you to pick from a series of drop-down menus; some buttons may be able to increase or decrease font size based on click frequency (a newer version will automatically open up after clicking this option if you make changes) while others have various functions such as undoing or redoing your last changes or inserting a hyperlink.
Difficult Navigation and Accessibility of Content
A final challenge is around the lack of organization and navigation throughout files when working on multiple contracts simultaneously as well as difficulty in accessing certain words, lines, or pages when needed during collaborative sessions with colleagues. A solution here is to use tools that allow for better categorization of content based on different departments (for example, if you work across several customer contracts, having their names listed by each contract can make it easier to remember where specific items are located within the file). This also means being able to bookmark key points while scrolling through lengthy documents so that you can quickly return to them at a later time.
The implementation challenges facing companies who want to use contract management software are an issue of both workflow and functionality. In the past, there have been issues with creating a system that allows for easy collaboration, document sharing, and creation, as well as synchronization between different devices used by employees.
The benefits of having a cloud-based CMS solution include being able to implement security measures without worrying about maintaining your servers and infrastructure. It also means having the ability to access any documents you may need at home or on your mobile devices when working outside the office. Additionally, being able to securely share large files via a cloud-based CMS software versus dealing with email attachments and potential virus transmissions can make it easier for everyone in the process – from lawyers and business owners to outside collaborators who may be reviewing the contract.
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