{"id":15304,"date":"2024-09-09T10:32:23","date_gmt":"2024-09-09T09:32:23","guid":{"rendered":"https:\/\/sharecontrol.io\/?p=15304"},"modified":"2025-02-25T09:52:06","modified_gmt":"2025-02-25T08:52:06","slug":"contract-management-software-how-to-get-started","status":"publish","type":"post","link":"https:\/\/sharecontrol.io\/en\/contract-management\/contract-management-software-how-to-get-started\/","title":{"rendered":"Contract Management Software – how to get started"},"content":{"rendered":"\n

How can businesses improve the management of their contracts in 2025? With an increasing number of suppliers and employees, the complexity and importance of contracts in business is growing. In this article, you can learn more about the essential elements for getting started with contract management software in Microsoft 365. Whether you’re in the process of upgrading your current systems and processes, or just getting started, this article will give you the inspiration and information you need to take the next step. <\/strong><\/p>\n\n\n\n

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What is Contract Management?<\/h2>\n\n\n

Contract management<\/a> is about taking control of your company’s contracts in a system where you can follow up and manage each contract throughout its lifecycle. A well-functioning system with good processes ensures better operational performance while reducing legal and financial risks. <\/p>\n\n\n\n

Today’s technology<\/a> has made contract management easier and more optimized than ever before. Tools and software make the processing of contracts more efficient and save companies significant time in sales efforts, contract searches, analysis and renegotiations. With secure software, you also ensure that your contracts are stored securely.<\/p>\n\n\n

Typical contract types <\/h3>\n\n\n

Contract management and follow-up of contracts entered into with customers, suppliers, partners and employees is the cornerstone of most businesses. We can therefore distinguish between three types of essential contracts in a traditional business, these are purchase contracts, procurement contracts and employment contracts. Purchase contracts provide sources of income for the company, while procurement and labor contracts provide the basis for the company’s daily operations. <\/p>\n\n\n\n

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The benefits of contract management software<\/h3>\n\n\n

Effective contract management is becoming increasingly important as the complexity of business agreements increases. With global markets, complex supply chains and multiple stakeholders, contracts are becoming more comprehensive and detailed. This requires systematic management to avoid errors, misunderstandings and legal conflicts. <\/p>\n\n\n\n

Technological advances create new opportunities and challenges in contract management. Tools such asShareControl Contract<\/a>, built on Microsoft 365 and SharePoint, enable automation and optimization in large parts of contract management. This includes storing and organizing contracts, automated alerts and analytics with Power BI. <\/p>\n\n\n\n

Read more<\/strong>: How to benefit from digital contract management<\/a> <\/p>\n\n\n\n

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How to get started with contract management software<\/h2>\n\n\n

Depending on where you are in your transformation to contract management, the right setup and processes can contribute to an efficient and optimized setup of contract management software. Unfortunately, for most organizations, good software is not enough, internal processes are just as important. <\/p>\n\n\n

A dedicated contract manager<\/h3>\n\n\n

Depending on the size and number of contracts, there will in most cases be advantages to having a dedicated person responsible for internal processes and handling the contracts in the system. <\/p>\n\n\n\n

Ideally, all of your organization’s contracts are kept in a single repository that is accessible to all departments and employees. Unfortunately, this is not always possible with employment contracts and other personal documents. There should therefore be someone responsible for ensuring the correct setup of libraries and access management, preferably from the IT department, while, for example, the HR or finance department has access to all the company’s contracts and documents. <\/p>\n\n\n

Contract manager for sales documents<\/em> <\/h4>\n\n\n

When it comes to sales documents, it’s crucial to have a dedicated contract manager who ensures that all sales-related contracts are handled correctly. This means making sure that the contracts are accessible to relevant departments, as well as being correctly archived and updated. The sales team is often on the front line when it comes to negotiating and signing new agreements, and a contract manager can provide legal insight, standardize documents and ensure that all agreements are in line with the company’s overall goals and strategies. <\/p>\n\n\n\n

By ensuring you have contract managers in your sales department, you can more easily define notifications to the right sales person before key contract milestones such as payment terms, renewals and changes to contract terms. This allows your business to eliminate inefficiencies in the sales process and mitigate the risk of lost revenue opportunities due to non-compliance with contract terms or outdated information. <\/p>\n\n\n\n

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Metadata and classification of contracts <\/h3>\n\n\n

With centralized document storage, businesses have the ability to tag, classify and organize the metadata in their contracts. This means that each contract can be assigned specific properties such as contract type, expiration date, parties involved, and key terms. Such a structured approach to metadata helps the business to quickly find, analyze and follow up on contracts based on relevant criteria. <\/p>\n\n\n\n

The business should therefore define contract types and key terms in its internal processes to differentiate the contracts and ensure optimized outreach. Using metadata such as dates, contract partners and status, you can quickly filter and find contracts. This improves searchability and makes it easier to keep track of contracts, follow up on renewals and ensure that all contract terms are complied with in an efficient manner. <\/p>\n\n\n\n

Read also<\/strong>: 4 reasons to digitize your contract management<\/a> <\/p>\n\n\n

Integrations and internal systems<\/h3>\n\n\n

To maximize the effectiveness of a contract management system, it’s important to ensure integrations with the internal systems the business already uses, such as financial systems and reporting platforms like Power BI. <\/p>\n\n\n\n

Connecting contract management to your financial system can simplify invoicing, payment follow-up and financial reporting, while ensuring that contracts are directly linked to relevant financial data. Integration with, for example, Power BI can provide the ability to visualize and analyze contract data in an intuitive way, giving management valuable insights into contract portfolio performance, risks and opportunities. This contributes to a more data-driven approach to contract management and ensures better decision-making for the business. <\/p>\n\n\n

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Download the ShareControl Contract guide<\/mark><\/h3>\n\n\n

Get insight into all the features that help you with professional contract management.<\/p>\n\n\n\n

Download<\/span><\/path><\/svg><\/span><\/a><\/div>

Get the guide in your inbox<\/h4>\n\n\n
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