All you need to know about Contract Management Software

TABLE OF CONTENT

Are you considering using contract management software in your company? Or do you simply want to inform yourself about this topic? In the following paragraph we answer the most important questions about contract management software and give you some use cases based on Approovd – the Swiss contract management software.

1. Contract Management Software: What is it?

In practice, contract management is regarded as the foundation of a company’s business activities and thus represents both an overarching topic and a complex corporate task. It includes the supervision of contractual negotiations between client and supplier, the implementation of contracts and making changes to contracts for technical, scheduling, personnel or financial reasons. With the appropriate technology, the related activities can be handled by software. It is then the talk of a contract management software.

If you would like more information on contract management, we summarized the most important topics here.

2. Contract Management Software: Why do You Need One?

In recent years, contract management has been greatly modernized and automated thanks to advancing digitalization. In the meantime, digital solutions have become established and numerous experts believe that contract management software is the future in the creation of contracts and legal documents.

Many reasons speak for the use of a contract management software:

3. Contract Management Software: From Which Company Size Does it Make Sense to Use One?

 

The automation of contract creation is particularly suitable for SMEs, which, in comparison to the big players, usually do not have their own in-house lawyers. In practice, therefore, they often fall back on existing templates, which, however, are becoming increasingly outdated. This is because the density of regulation and the speed of change in contracting has never been as high as it is today. In this article, you will learn more about a cost-efficient use of these technologies in your company.

4. Contract Management Software: Requirements

Depending on the provider, the requirements for a smooth start into the world of digital contract management vary.

With the cloud-based contract management software Approovd, for example, you don’t need storage space or installations. You log in to your dashboard and you’re ready to go.

Your data and your customers’ data are securely stored in a FinTech-compatible Swiss cloud. You can access all your contracts and drafts in a single click.

A cloud-based contract management software like Approovd comes with a few additional advantages, namely:

5. Contract Management Software: Features

Contract management software offers numerous functions. To give you a practical insight, we will illustrate them with Approovd.

5.1. Smart Templates

The mix of human expertise and artificial intelligence has resulted in the form of smart templates. On average, the user needs to answer between 7 and 32 questions per document. A legally compliant document is then generated. 

Legally-relevant questions come with a short guidance in the form of a “hint”. In this short hint, you will be informed about the common practice and regulations. Thus, you are always within the legal framework and can create complex contracts, even without legal knowledge.

5.2. Collaboration on Legal Documents

Any person who has been involved in the creation of a legal document knows the myriad versions that the back-and-forth between involved parties entails. With Approovd’s TeamWork feature, you can make it easy to collaborate on a document. Legal documents are shared with a link, allowing parties to collaborate on a single version. This creates a high level of transparency and reduces the time of contract creation by about 80%.

5.3. Digital Signature

To enable you to handle the entire contract creation process from A to Z online, Approovd offers you the option to legally sign the documents you create with its eSignature. Here, too, the focus is on efficient design as well as user-friendliness: on average, it takes you one minute to sign a document.

6. Contract Management Software for Enterprises

Contract management software is often seen as a tool for the legal department. However, this tool can also be used in other departments and is a good way for the employer to empower the departments with modern tools.

6.1. Contract Management Software Legal Department

Today, our contract library offers more than 150 smart templates in 3 languages. Whether your in-house lawyers need to organize a Meeting for your Board of Directors, prepare the privacy policy of your webshop or draft a complex shareholders’ agreement, Approovd supports you with up-to-date templates from Swiss practice.

6.2. Contract Management Software HR Department

From the classic employment agreement, to staff regulations, to the grant of shares to employees in a share agreement, Approovd offers you a large selection of templates on the subject of HR.

With an average creation time of 8 minutes per document, HR professionals can devote their time to other tasks.

6.3. Contract Management Software Finance Department

Your finance department needs to draw up a loan agreement or needs assistance in preparing the necessary documents due to the current sanitary situation? Approovd can support you here as well with a large selection of templates.

6.4. Contract Management Software Marketing Department

Your marketers can also benefit from Approovd. With a selection of templates around e-commerce, you give your web shop a secure legal framework.

7. Contract Management Software: Use Cases

Still not sure if contract management software is right for your company? We would like to recommend you to read 3 following application examples:

8. Contract Management Software : Costs

The costs for a contract management software are very different and vary depending on the provider. With Approovd, for example, you have the following options:

  • a Starter subscription with 5 templates of your choice from our contract library for CHF 348, i.e. CHF 69 per document
  • an Essential subscription with 50 templates of your choice from our contract library for CHF 1,908, i.e. CHF 39 per document
  • a Relax subscription with 500 contracts of your choice from our contract library for CHF 9,468, i.e. CHF 19 per document

Do you have any questions or would you like to schedule a presentation? 

Please fill out the form below: Tobias will be in touch

Tobias Güntenspenger - Sales Manager bei Approovd - Schweizer Vertragsmanagement Software

T: +41 44 700 60 04

Tobias Güntensperger
Your Sales Expert

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