Today software is used for the process of contract management, which has made the work of contract management easier and error-free. Contract management is a complex process which consists of different stages, and today, a large no. of contract management software are present in the market, some of them are free while others are paid. Contract management software has completely reformed the process of managing contracts and has reduced interference in the management process humanly. Using contract management software over human management have a lot of advantages. These advantages are due to some of the basic features of contract management software, which make the process of contract management easier, secure and time-bound.
The essential features of contract management are mostly the same for free and paid ones. There can be some additional features which can be provided in paid contract management software. But the essential features in any contract management software, whether paid or free are all the same. And we talk about the features in free contract management software; then almost all paid software provides the features which are provided by free contract management software. The essential feature which is provided by free contract management software includes features like security, tech support, activity tracking, audits etc.
Top Features of Free Contract Management Software are -
Security - Security is an important feature, which is a must in every contract management software. Security is a multidimensional feature of contract management software. By safe, we mean the security of files and documents which are essential for the contract management process. Security can be also be related to the fact that only the company and the customer must access the documents necessary for the contract management cycle.
For keeping the documents safe and secure, they are stored in the cloud storage, which is much more reliable than standard system storage. They are even safer than standard paper documents which may be destroyed by fire or water. For secure access to the documents, features such as passwords are provided, which gives authority only to the company and the customer to access the documents related to contract management.
Auditing and Update Features - This is a feature which is provided in most of the contract management software, whether it is free or paid. This helps in regular checking of the activities in the contract management process. Regular audits of contract management cycle give us knowledge about the progress in the process of contract management. There is even notification feature provided by some software which notifies about any updates in the contract management process or tells about the auditing dates.
Access Features- Contract management software provide easy access features which help the customer to get easy access to all the documents and terms and conditions which are given in the contract. This helps the customer to gain knowledge of the contract anytime and anywhere, which makes contract management software more user - friendly. This reduces the chances in the faults and frauds, which can occur during the contract management cycle.
Tech Support - This is one of the essential features which is provided by contract management software. As all the management work is connected with the internet and technologies, so there should be a tech support team which might resolve any issue related to the software. The tech support is also needed for removal of doubts of the customers.
Conclusion
After looking at the essential features which are provided by contract management software, we can say for sure that the crucial elements of contract management are the same for both the kind of software, paid or free. The most important features of any contract management software include the features of security, audits, activity tracking, more accessible access and tech support. These are some of the essential elements which are provided by both free and paid contract management software. This feature makes the process of contract management much more comfortable and reliable than human management of the contract. Contract management through software has entirely transformed the process of management.