Do you own or manage a large business that deals with a high volume of contracts? Do you need assistance with drafting, negotiating, and storing contracts to stay organized, streamline processes, and free up the time of your staff? If so, you should look into a contract management system, also known as a CMS, like those offered by Ironclad.

Here is more information about CMSs and why it’s worth it to implement a contract management system.

What Does a CMS Do?

A contract management system, depending on which one you decide to implement, can have a variety of features. The most common–and useful–include:

A centralized place to store all your contracts.
Templates to help you standardize your contracts.
Workflow automation to help streamline processes and assist with execution.
Customization tools to help you manage different versions of contracts.
Secure and safe storage of documents.
Ability for users to sign contracts electronically.
Tracking features to help audit any actions taken on contracts.

The Benefits of a CMS

If you get the right CMS for your company, team, and processes like Ironclad, you can experience a wide range of benefits. They include:

Assistance with decision-making. With the right tools and information a CMS provides, it can help your team make better-informed decisions.
A clear overview of contracts that enhances visibility and makes sure everyone is on the same page.
Reduced financial and legal risks.
Help with identifying opportunities for sales while reducing costs, all of which help increase review and improve the bottom line.
More time for your employees to concentrate on other tasks as a CMS has AI and other tools that will help them offload tasks and streamline processes.
Better organization for your company as a whole.

Choosing the Right CMS

If you want to make sure you get the best ROI on your contract management system, you need to ensure you choose the right one for your needs. Here are some tips on doing so:

Ask for referrals. Ask colleagues who are in the same workspace as you what CMS they use. Then ask if they would or would not recommend it as well as how the customer service is from the company, how easy the CMS is to use, and a ballpark cost.
Do online research. You can find out a lot about a CMS by reading online reviews and checking out the company that sells a CMS’s website. There should be plenty of information about the features of the CMS, what type of companies the CMS is useful for, and other pertinent information.
Ask for a free demo. Most companies that sell a contract management system will offer free demos so they can walk you through their product and show you how it work. This will help you determine if it is user-friendly and has all the features you need.

The ROI of a Contract Management System

Wondering if a CMS is the right tool for you and what your ROI will be? If you choose the right system for your needs and get the training to go with it, the ROI of a CMS will be more than high enough to justify the cost.