I would like to tell you a little about contract management software, some of the key benefits and what to look for in a system.

Be aware that many vendors are offering contract management software as an add-on to systems that primarily do something completely different. Real Contract Management Software is designed and built from the ground up to manage contracts.

One role of a Procurement department is to set up purchasing agreements for goods and services commonly purchased by your company. If staff cannot see or use these agreements then they are pointless. The first goal when setting up a contract management software system is to provide visibility into group purchasing arrangements.

The second thing you must achieve is pro-active contract management. You must have a system in place that provides notification of upcoming contract trigger points, so that contract managers can take pre-emptive action as they approach, to prevent issues occurring.

Contract Management Software should be fully web enabled (browser based) to allow visibility across your entire network. The problem with many ‘in-house’ contract management systems is that they are not scalable and do not facilitate sharing of information.

Real contract management software manages data and documents. Workflow of process tasks facilitates accountability and auditability of business processes. So choose a system that will provide a corporate consistency of contract management approach, throughout your organisation, and you can stop reinventing the wheel.

Contract Management Software assists with maintaining probity around your contract development and sourcing tasks. The perception of good governance can be as important as good governance itself.

Vendor selection is critical for contract management software. Go for a specialist contract management software company, not a ‘me too’ vendor. Open Windows’ application is 6th generation, and they have a track record of on-time, on-budget projects for major customers. It is possible for IT projects to run well.