Automating in-efficient Contract Tasks with Contract Management Software
Contract Management Experience (CMx) is a product that provides easily manageable and cost-effective solution to all of your Contract Management needs and it can be easily deployed on cloud or on premise. It provides you ability to improve the contracting process that is secure, well administered and highly reliable. All type of contracts can be handled easily with the help of CMx Contract Experience without wasting a lot of your time that you otherwise use forkeeping track of your contractsespecially if you have many of them.
Some prominent features of Contract Management Software are listed below:
1. Central Contract Management Repository & In-built CLM
The software securely stores all of your enterprise legal or financial or procurement or sales contracts and retrieves them in sub seconds with its efficient indexed search.
2. Contract Review & Approval Work Flow
It has highly efficient in-built contract reviews and approval work flows which easily adapt to your business thus making it easy for you to run your day to day business operations.
3. Strong Security
It has Two Step authentication (MFA) that provides secure login access to your contract lifecycle management solution, customizable permission scheme which is based on the security system for users, encrypted data storage and Secure Data Center.
4. Contract Creation & Red Lining
This Contract Software helps you in creating and drafting your contracts easily and maintain all versions and redline against the central contract repository.
5. Analytics, Audit Reports & Logs
It generates contract analytics, reports and audit trail logs within the Contract Management System. It also has numerous dashboard widgets that keep track of expiring contracts and audit trail across the entire organization.
6. Self Service Import & Export
With this service, you can import all of your existing contracts into CMx and migrate from your existing contract management system while with export, you are the owner of your data at all times and your administrators can move out all your contracts from the system.
Benefits of Contract Management Software
1. Keeps You Out of Trouble from Missed Deadlines and Penalties
It helps you in not losing visibility to your critical contracts and terms with constant alerts and notifications so that you can avoid situations like missed deadlines, penalties, over-payment for services, untimely payment collection from external vendors and much more of these situations which create a great impact on your profit margin and business operations.
2. Protects Potential Loss of Critical Information
Many business units have their own drives within an organization where the contracts are kept. Their several directories or folders lead to confusion, disarray and loss of sensitive information. CMx smartly manages your several repositories with its single contract repository system that keeps single source of record for the enterprise.
3. Maintains Order in a Critical Data
This software stores your wide amount of data in an order so that when you need to search any of the information from your huge critical data, you don’t have to spare a lot of your time.