You understand that your contract management system is not performing to the levels it should be and you know what your pain points are. Differentiating between the numerous solutions the market has to offer, however, can be an overwhelming task without first completing an honest assessment of what it is you really need.
Before you start to identify which vendors, or even the types of solutions you want to look at, identifying your needs and pulling together a “requirements” document is essential. While this process can seem daunting, the thing to remember is you know most of the information you need; it is just a matter of getting it organized.
Although contract management solutions are relatively new to the market, there has been plenty of research done that can guide you through this process. When looking at core requirements for a new contract management solution, there are really seven key criteria which need to be addressed:
- Contract Storage
- Searching and reporting
- Alerts and notifications
- Contract creation
- Workflow integration
- Implementation and rollout
By starting with these key criteria, and taking a deeper look into what questions to ask and which pain points they address, you can start to build out your own “requirements” document.
To learn more about the seven key criteria and discover some of the detailed questions to ask for each, download this complimentary tool, Contract Management Requirements Guide.