Contract Collaboration Software
Technology has advanced exponentially over the last few years and has automated a number of processes for every profession and legal departments have hardly remained untouched. Detailed creative tools combined with the increased access to information have led to innovation and higher productivity across in-house legal work. One type of tool gaining popularity for its effectiveness is contract collaboration software.
Contract collaboration software enables multiple teams in your business to coordinate easily for seamless contract-making from start to finish. It redlines your contracts allowing your team to collaborate efficiently. In addition, it compiles and displays all the edit history, significantly reducing the threat of losing track while editing frequently. As this software continues to gain popularity, here are some features you should look for when investing in it.
1. Easy Teamwork
Efficient contract collaboration software has features that make collaboration between co-authors easy. It enables them to view and edit contracts simultaneously. Multiple teams can work on contracts that have extensive data, even from remote settings.
In-built systems for file-sharing will limit the number of internal notes shared among colleagues and unauthorized access of data by clients or other parties. For example, contract collaboration software that can separate external and internal comments will ensure that clients only see approved external comments and markups.
2. Incorporates Redlines
The inability to track changes in contracts can be highly frustrating. It can restrict your business from evaluating its performance. The traditionally used MS Word documents make it difficult to see when specific changes are made, especially when the “track changes” feature is turned off.
An effective contact collaboration software can enable you to compare edited versions of your contract work by running redline. It effectively displays all edit history without requiring every editor to separately enable a “track changes” option.
3. Easy Integration With Other Softwares
Research has revealed that an average employee switches between up to 35 job-critical applications 1,100 times every day. Incompatibility between different kinds of software will end up creating unnecessary complexity in automated processes, frustrating workers. All this can make your efforts to increase automation counterproductive to their purpose.
Your company has probably already invested an immense amount of capital into other productivity tools. If you intend to invest in contract collaboration software, make sure it integrates seamlessly with your other software. The aim is to streamline the workflow for your employees rather than confuse them. Look for in-built features in CCS that integrate with your existing systems so that you can introduce the software and have it running with no downtime and minimal training.
Contract collaboration software enables sales, legal, and procurement teams to close their deals faster and with precision. With the right legal or contract collaboration software is reported to shorten the cycle of your sales by 24%, significantly reducing contract inaccuracy costs and non-compliance costs by approximately 33% to 41%. This software is quickly becoming essential for businesses and law firms. However, it is essential to ensure the availability of the right in-built features in a CCS before investing in it so that you can get the greatest returns on your investment.