With the new year just kicking in let’s make a resolution to not waste our hard-earned money and to learn new ways to handle situations which in reality do not require a lot of effort. There are so many technical tools that can make your life easier but we need to broaden our scopes, be a little open-minded and start researching on these. One of them is Contract management software, though you might feel it is not necessary at first, once you explore it you will understand why is it gaining so much popularity. 

Software for contract management is a good idea for businesses of any size and in any industry. The following are some of the benefits of contract management software: 

·      Automated alerts and reminders for critical contract milestones.

·      Reporting tools for in-depth insight into the health of your contract portfolio.

·      While nearly every business can become more productive and efficient by implementing contract management software, certain industries face particular challenges that make contract management software a smart choice. 

·      Securely storing your contract documents and related files in a single, centralized location.

These seven sectors stand to gain the most from implementing contract management software:

1.     Technology

During periods of rapid growth and expansion, technology companies frequently manage a large number of corporate contracts and other crucial agreements that must be tracked throughout their lifecycle. Additionally, tech companies have access to a significant amount of private data: both personally identifying information about their clients as well as intellectual property, such as patents and trade secrets, that, if made public, could have devastating effects on the company.

You can successfully fulfil your agreements with third parties and protect this confidential information by using contract management software for technology companies. Contract management software offers tech companies the following advantages:

·      Management of vendor and client contracts

·      Management of employee agreements, email and task alerts,

·      Audits of activities, and

·      Reporting on contract expirations

2.     Healthcare 

Documents like lease agreements, agreements with vendors and suppliers, and employment contracts must be managed by healthcare organizations.

In addition, these businesses must comply with several stringent industry regulations, such as the Anti-Kickback Statute and the Stark Law, which entail substantial financial penalties for violations. We have previously discussed how contract management software can assist businesses in lowering the likelihood of compliance violations. 

Healthcare organizations can use contract management software for things like:

·      Management of vendor, payer, and provider contracts 

·      Security of contracts 

·      Email and task alerts 

·      Monitoring of compliance

3. Biotechnology 

Since biotechnology companies are at the crossroads of technology and healthcare, it makes sense that biotech companies would benefit the most from a contract management software. In biotech, a high-risk industry, missing deadlines or failing to comply could result in a failed product launch or even the company's demise.

Biotech companies can make use of contract management software to manage documents like:

·      Contracts for clinical trials

·      Agreements for research and development, and

·      Agreements for funding and sourcing

4. Media 

To keep production moving forward, media and entertainment companies must manage a large number of contracts. Contracts can be issued for a single work (such as a publishing deal for a single book) or a single talent (such as a musician's recording contract), or they can be issued for a longer period and be ongoing. In addition, new markets and distribution channels make contract management more difficult.

Media companies can always meet deadlines, have contracts signed more quickly, and fulfil their responsibilities as a business thanks to contract management software.

5. Consumer goods

Consumer goods companies, like manufacturing businesses, may have hundreds or thousands of contracts in place with customers, suppliers, and vendors. To avoid falling behind in the competitive consumer goods sector, it is essential to devise a strategy for managing this complexity and meeting milestones and deadlines.

You can stay on top of all your documents and responsibilities with consumer goods contract management software, and tools like electronic signature can make it easier to sign a lot of contracts like marketing agreements and intellectual property licenses.

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6. Manufacture

It can be challenging to manage all of your contracts and commitments because manufacturing companies may source components from dozens or hundreds of suppliers worldwide. Additionally, you must ensure that you are meeting all obligations to distributors, suppliers, and customers, which can be challenging without the appropriate tools. 

Contract management software offers manufacturing businesses the following advantages: 

• Management of client and vendor contracts, obligations
• compliance tracking
• notifications via email, and 
• flexible reporting options

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7. Construction

Missed deadlines and blown financial plans are sadly really quite normal for construction organizations. As per a survey by McKinsey and Company, the typical expense and time invasion for a development project are 70 and 61 per cent, separately.

The complexity of the contract is a part of the issue: Commercial construction firms frequently have hundreds of active contracts at once, making manual oversight virtually impossible. Software for contract management in the construction industry significantly enhances visibility and reduces the likelihood of exceeding budgets and deadlines.

SpeedLegal to rescue: Many imagine, few execute! 

We just don’t talk about contract management, we have developed software for it. We are the dreamers and we are the doers. We can’t emphasise enough what wonders a CMS could do for you, your company and your business. 

Business relationships are built on contracts. They detail every aspect of a supplier relationship or business transaction from beginning to end. According to a study, the typical Fortune 1000 company has 40,000 active contracts on any given day. 

Consider that for a moment- 

A contract must be written, reviewed, negotiated, and approved 40,000 times, and that's just the beginning. After that, all contracts need to be managed throughout their entire lifecycle, making use of any clauses that were negotiated, monitored for compliance, and then re-examined for renewal or amendment.

In addition to being time-consuming and expensive, these manual and repetitive procedures are extremely error-prone, resulting in additional costs, missed deadlines, and compliance issues. 

SpeedLegal provides you with a full package, which includes contract review, flagging risks, lifecycle management, comparison with market standards, e-signatures, centralized storage and a nutrition label to give you insights on the health of your contract. In addition to that, we listen to you and customize plans as per your need! 

 Put an end to your search for a perfect CMS platform and try us, we never disappoint!