Contract management software
is the range of computer programmes, libraries and data used to support contract management, contract lifecycle management, and contractor management on projects. It may be used with project management software
Most sophisticated projects involving contractors now use contract management software instead of relying on the manual management of paper contracts. It has become an essential tool for keeping track of multiple activities with cost implications, and can be especially helpful for automating administration, ensuring compliance, monitoring risk, running reports and triggering alerts.
In addition to these types of features, contract management software systems provide a centralized repository for employees to quickly access all contracts worldwide in one place. Having contracts stored in multiple locations can delay and interrupt the contracting process.
Contract management software is produced by many companies, working on a range of scales and offering varying degrees of customizability. Basic functions should include the ability to store contract documents, track changes to contract documents, search documents for a particular criterion, send key date alerts and to report required aspects of the contract. Other functions include managing a new contract request, capturing related data, following a document through a review and approval process, and collecting digital signatures.
Contract management software may also be an aid to project portfolio management and spend analysis, and may also monitor KPIs.
Leading contract management software provides contract visibility, monitoring, and compliance to automate and streamline the contract lifecycle