10 Misconceptions Businesses Have About Implementing Contract Management Software

1
10 Misconceptions About Contract Management System

• Explained

2
Contract Management System

• Contract management is the process of tracking
  and managing contracts throughout their life
  spans. It includes all of the activities involved
  in this including negotiation, administration,
  monitoring, and compliance.
• And a contract management software is any
  platform that assists you in moving contracts
  through their life cycle. 
• Many Organizations employs the help of contract
  management system to assist their contract
  management process.
• But there are some misconceptions about it in
  industry.

3
The automated system makes the current process
people irrelevant

• Contract management is done differently in each
  organization. 
• There are different people and processes involved
  in each of these processes.
• It is common for businesses to think that these
  people and processes will become irrelevant with
  an automated CMS.
• The truth is you can carry out all the current
  processes in the same workflow with the same
  people involved digitally.

4
Migration Causes Data Loss

• Adding contracts to the new system will be an
  important task but the chances for losing any
  data during that migration process is minimal.
• Service providers are also providing expert
  assistance in migration to ensure proper
  execution.
• The contract management system is designed with
  enough fields and options, you get to add enough
  metadata regarding a contract, thus making it
  easier for you to use it for various processing
  tasks.

5
CMS is for larger Enterprises

• It is a common misconception that an automated
  contract management system is only for larger
  enterprise organizations.
• Truth is, if you are a company that is dealing
  with more than 20 contracts a month, the
  automated solution is the right choice.
• The primary benefit offered by all contract
  management solutions is in eliminating risk and
  excess cost.

6
It will block other processes

• Your organization will have different people
  assigned to take care of various tasks. 
• Some of the contract approval and verification
  workflows might even include different levels
  too.
• These differences can be handled effectively by
  assigning each contract to relevant people and
  customizing contract workflows according to each
  contracts character.

7
Complex and Difficult to Maintain

• This misconception could ne due to a bad
  experiences for poorly designed and developed
  solutions in the past.
• Microsoft SharePoint and Office 365 powered
  business solutions are completely different. They
  provide the best security, simplicity, and
  efficiency when it comes to getting work done. 

8
Takes too long to Implement

• A standard contract management solution would
  take 4-5 weeks to be customized and deployed.
• The customers also get expert assistance through
  each stage to ensure the smooth execution of the
  process.
• Training for users are also done whtin this time
  period.

9
Cloud storage is not secure

• Cloud storage or cloud-based solutions are as
  safe as on-premises solutions today. 
• With Microsoft 365 based solutions, you get the
  best cloud security features and options
  available. 
• Two-factor authentication access, data
  encryption, and other abundant security features
  are the best examples of the uncompromised
  security offered by cloud-based platforms today. 
• With proper configuration of security features
  and timely checks, you can enjoy all portability
  benefits of cloud storage without any worry about
  security.

10
Customisation is a luxury

• Microsoft is offering a big bundle of solutions
  that can help you with all tasks and requirements
  in your business.
• With the help of SharePoint developers, we can
  help you get it customized for your business, and
  make it look cleaner, and assure a better
  user-friendly interface and option. 
• You can avoid spending thousands of dollars in
  this way.

11
Not able to manage Contract Vendors in one place

• You will have different data and process when it
  comes to managing contracts.
• You can control both customer and vendor
  contracts separately with the help of an
  efficient Contract Management Solution.
• You can store all details about your vendors, and
  maintain a detailed record of all information
  regarding them with the CMS.
• You can even provide a login for vendors to keep
  data up to date always and maintain a sustainable
  relationship throughout.

12
It is not affordable

• Today, you can find business solutions built for
  large enterprises as well as small businesses.
• If designed with proper planning with only the
  right features and customization contract
  management system could be affordable.
• A SharePoint contract management system is the
  right choice for companies looking for an
  affordable solution.

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Conclusion

• We have considered all these myths and
  misconceptions modern businesses have during our
  CMS product designing and development stage
  itself. 
• A Contract management system is a great solution
  for any company to invest in.
• You just need to know which one to choose.