Top 10 Must-Have Contract Management Features in 2024

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The landscape of contract management software is constantly evolving, presenting a multitude of technological advancements and best practices. Identifying the most valuable features can be challenging in this dynamic environment. To help guide you, we've curated a list of the top 10 essential features and tools in contract management software for 2024.

1. Advanced AI Integration:

Harnessing the power of AI in contract management has long been a goal for organizations across industries. With recent advancements in machine learning, AI-powered contract management is becoming a reality. By swiftly scanning and identifying crucial terms and clauses in contracts, AI saves time and mitigates risks. For instance, Contracts 365, in collaboration with Microsoft Applied AI services, offers cutting-edge AI capabilities that empower users to make informed decisions efficiently.

2. Self-Service Portal for Streamlined Operations:

Contract management software isn't just for legal professionals; it can enhance efficiency across the entire organization. Solutions like Contracts 365 provide self-service portals, enabling employees to initiate contract-related tasks autonomously. From automated contract assembly to approvals, self-service functionality optimizes workflows, freeing up valuable time for both employees and legal teams.

3. Automated Document Assembly:

Modern contract management software boasts automated document assembly capabilities, eliminating the need for manual contract creation. By setting up templates and predefined business rules, the software can generate fully formatted contracts swiftly and accurately. This feature not only saves time but also ensures consistency and compliance across contracts.

4. Comprehensive Contract Obligation Management:

Managing post-execution obligations is a common challenge in contract management. Advanced software solutions facilitate the identification, tracking, and reporting of contractual obligations, ensuring compliance and minimizing risks. Whether it's vendor performance tracking or regulatory compliance, robust obligation management features prove invaluable.

5. Seamless Integration with Existing Systems:

Integration with existing corporate applications enhances the value proposition of contract management software. Real-time integration with CRM (eg. Dynamics 365, Salesforce), financial, supply chain, and project management systems streamlines processes and drives productivity. By connecting sales and legal teams, organizations can expedite deal closures and achieve significant revenue gains.

6. Workflow Automation for Enhanced Efficiency:

Workflow automation is a boon for contract managers facing resource constraints. By automating repetitive tasks such as contract approvals and reminders, workflow automation optimizes productivity and ensures timely execution of contracts. Escalation mechanisms further streamline processes, keeping projects on track.

7. Secure and Centralized Repository:

A secure and centralized platform is indispensable for managing sensitive contract data. Cloud-based solutions with robust security protocols offer controlled access and seamless management of contracts. Having all contracts stored in one centralized repository facilitates easy retrieval, search, and tracking.

8. Integration with Electronic Signature Platforms:

Integration with electronic signature platforms simplifies the signing process, enabling users to sign contracts digitally from anywhere, on any device. Seamless integration with leading e-signature providers like DocuSign and Adobe Sign ensures compliance, security, and streamlined contract execution.

9. Dashboard Analytics and Custom Reports:

Leading contract management software offers insightful analytics and customizable reports, empowering users with actionable insights into contract performance, risk, and compliance. Customized dashboard views tailored to different business roles enhance decision-making and drive operational efficiency.

10. Mobile Accessibility for On-the-Go Operations:

In today's dynamic business environment, mobile access to contract data is essential. Cloud-based contract management software ensures data availability across devices, enabling users to access contracts anytime, anywhere. Whether at the office or on the go, mobile accessibility enhances flexibility and productivity.

In conclusion, these ten essential features and tools are poised to add significant value to contract management software solutions in 2024. By embracing these advancements, organizations can streamline operations, mitigate risks, and drive greater efficiency in contract management processes.

f you’d like to learn more about our Contract Management Software purpose built for Microsoft 365 customers , please don’t hesitate to reach out to us or, even better, request a demo and we can show you how it works in real-time.  Our intuitive software leverages your
strategic investment in Microsoft applications, architecture, and security to provide greater control of their private contracts and data.

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