Discover the benefits of contract management software for forward-thinking businesses in 2024.
What is contract management software?
Contract management software, often referred to as contract lifecycle management software (CLM), enables organizations to streamline contract workflows end-to-end, from contract creation and signature to tracking and storing contracts.
CLM deals with every aspect of the contract lifecycle, as opposed to point solutions, which focus on just one aspect of contact management.
Why use contract management software?
Contract management is essential for any business, as most organizations rely on contracts. However, manual contract workflows are difficult to track and manage, especially as a business begins to scale.
That’s where contract management software comes in, cutting out the noise and giving visibility throughout the contract lifecycle, for safer, faster contracting. But what are the real, tangible benefits of using contract management software? Let’s take a look.
What are the benefits of contract management software?
1. Greater visibility into contracts
Contracts are essential to the everyday running of organizations, but they’re useless to anybody if you don’t have visibility into them. Contract visibility describes how effectively you can view, find, track, and extract key information from your contracts.
Gaining insight into your contracts gives organizations more control over their contracts in a variety of ways, including:
- Seeing which stage contracts are at in their lifecycle. If you can’t see what’s blocking a contract from signature, how can you fix it? Juro’s timeline feature gives users insight into which parts of a contract the counterparty has been editing as well as when they last viewed it.
This information could be crucial in helping you to identify a friction point or revise a certain term that gets the contract over the line. Check out how Juro customer Moniepoint benefitted from greater contract visibility below:
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- Tracking contractual obligations and deadlines. Contract management software also gives you greater visibility into important deadlines and contractual obligations. This means you can avoid missing auto-renewals or prevent an accidental breach of contract from occurring with a platform like Juro.
- Showing actionable insights. Another big win that comes from greater contract visibility is that it can inform how you negotiate contracts. For example, it could help you determine which clauses you should include in a contract based on how successfully terms were received in the past.
Or, as Curve’s HR team found, you can even shorten the time-to-sign:
With Juro we can accurately measure how long it takes to reach signature, and we can address this on an individual basis - Karolina Plaskaty, HR Business Partner, Curve
2. Approve contracts faster
Another clear benefit of adopting contract management software is an improved contract workflow and as a result, a faster approval process. This is especially important for lawyers in smaller and early-stage businesses.
There are numerous additional benefits to adopting an automated contract workflow and speeding up the approval process, let’s explore some:
- Improved collaboration. Legal has to work with lots of other teams, although they don’t always welcome legal input with open arms! Juro’s AI-enabled environment allows users to collaborate on contracts without the back and forth between redlines and email, reducing friction.
- More control. Greater speed doesn’t necessarily mean less control. In fact, with Juro, it can mean more. Keep both visibility and control over contracts as they grow, see when counterparties view a contract, and set automatic reminders for key dates. Scale your contracting process - but do it safely.
Thanks to Juro the legal team has complete control of and visibility over what's being signed - Frances Contreras, Legal Operations Manager, WeWork
- Enhanced security. Not only does contract management software improve the speed of your contract workflow, but it also makes them more secure. Juro is SOC-2 compliant and encrypted using 256-bit advanced encryption standard (AES). You can find out more about contract security and Juro.
Juro enables legal and business teams to agree contracts 10x faster than traditional tools. To find out how, hit the button below.