How to Select a Contract Lifecycle Management Solution

In the first entry in our series detailing the value of contract lifecycle management solutions, we shared signs that indicate you need a new approach to the contracting process. In this blog post, we will discuss the items your company should consider when deploying the ideal solution for its needs. 

Businesses that implement a seamless contract lifecycle management process compress their time to revenue, mitigate risks by having fewer contractual exceptions and increase customer satisfaction. While the opportunities are plentiful, the path to finding the right solution for your company can be challenging.

With the numerous contract lifecycle management solutions available, how do you determine which one is the best fit?

First, adopt a platform approach. A platform approach combines a set of software and a surrounding ecosystem of resources. Its value comes not only from its own features but also from its limitless ability to connect external tools, teams, data and processes. It offers growth that comes from a highly scalable, seamlessly deployed and continuously updated technology.

One more platform benefit to consider: Timeliness of implementation. Instead of taking months and months, you can employ a quick-start implementation package that streamlines the contract process so you’re using it in less than 30 days.

Second, the most effective solutions make critical tasks easier and more accessible with automation. With this approach, a contract can be requested via an online portal that gives access to standard verbiage and templates. Automation within the system ensures the appropriate people and processes are assigned and notified of the request. It also allows the easy building of configurable workflows, so you know you can change workflows as needed as a company grows.

Third, the solution must provide the ability to sign electronically. This eliminates the need for paper and enables anytime, anywhere signatures. When the contract is signed, it is automatically stored in a central repository that is the single source for all contracts and related documents.

To view more suggested features for a contract lifecycle management solution, download our white paper here.

Final additions

As contract lifecycle management solutions grow in prominence, the discussion has shifted from whether adoption is necessary to the best solution to adopt. If you want to learn more about Onit and these solutions, feel free to read our whitepaper “What to Expect from a Contract Lifecycle Management Solution” or contact us directly.

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