Contract managers are pressed on several fronts. As professionals, they need to uphold the contracting standards of their organization across dozens of agreement types. As workers in a busy department, they need to produce agreements efficiently. And as the primary contact for business users who need contracts to do their jobs, they are asked more often than they’d like: When will my contract be ready?
If your organization is using a contract management system, you have probably addressed the use cases that led you to adopt it. You have a repository for contracts so that they are no longer lost. You have forms and workflows that create contracts and guide them through finance and legal for approval. You are associating your contracts with related documents such as statements of work, licenses, certificates of insurance, amendments, and addenda.
In discussions of the ROI of a contract management system, the distinction is often made between efficiency and effectiveness. Getting more work done in less time, or at lower cost, is efficiency. When a contract management system reduces search time for contracts, allows standard language to be reviewed once instead of multiple times, and allows contract professionals to handle work that used to go to more skilled (and more costly) attorneys – that’s efficiency.