8 Steps to Choosing a Contract Management Solution

Here is the good news: you’ve identified the need for improved contract management in your business and you are ready to implement a software solution.

But just the thought of figuring out which of the many available solutions will fit your organization best can overwhelm you even more than the piles of paper contracts and multiple spreadsheets you currently use! Fear not – by following these eight steps, you will be well on your way to choosing the contract management solution that will make the greatest difference in your short- and long-term business objectives.

1. Define the search project and assign responsibility.
   Outline the issues to be solved by the contract management solution. Then create accountability by designating who will lead the search and have decision-making authority. Whether you choose yourself, just one person, or a team will depend on the size of your organization and the magnitude of the problem.
2. Be clear in setting the directive and the timetable.
   Establish specific guidelines to support the main objective: find the product that best fits your contract management needs. Most importantly, determine a budget and set a firm deadline.
3. Gather preliminary product information.
   Build a general awareness of features and capabilities for the various products, paying close attention to price. Don’t forget to include any vendor charges for installation, implementation, customization, and/or maintenance. If a solution exceeds the budget, move on.
4. Create your wish list.
   Decide on the capabilities you want in your system. Then classify the features as essential, important, and optional. Try to keep your list in each category relatively short as this will keep you focused on core needs and prevent you from getting mired in the nitty-gritty.
5. View several demonstrations.
   Once you have narrowed down your choice to several contract management solutions, ask for a personal demonstration of each product. Not only will you be able to determine its strengths and weaknesses, you’ll also get a good idea of its user interface – an important factor for your ease of use. If possible, ask an IT resource to join you in at least a portion of the demo. This will ensure that you’re not speeding down a road toward a solution that your IT capabilities can’t support.
6. Rate each product against your wish list.
   Create a spreadsheet by inputting your wish list down the side and the potential products across the top. Use a simple numerical scale of 1-5 to rate each product against your wish list. Calculate a total ranking for each product by adding up each column. As you analyze the results, still use common sense as a check. Software options that are ranked second or third could actually be your best solution, considering that high scores of the leader could be from wildly uneven rankings.
7. Conduct a hands-on evaluation of the leading potential solutions.
   If at all possible, actually use the product in your own environment. Getting a true feel for the contract management solution will help you make the choice between competing software products. And, don’t be afraid of taking advantage of any help the vendor offers during the process – it’s your chance to evaluate how well they will assist you during implementation.
8. Purchase!
   Congratulations – you and your team have worked hard to find and evaluate the best contract management software solution for your business!

By breaking down the process into manageable steps and staying focused on your main goal, you can remove the overwhelming feelings of searching for contract management software and strategically decide on what will position your business for lower risk and more reward.

If you’re currently in the market for a contract management software solution, consider Contract Assistant™. With Contract Assistant™, users in organizations of all sizes can manage their contracts and negotiated agreements with confidence by quickly accessing information, generating reports, receiving automatic reminders of critical dates, and more. Contract Assistant is available in single-user Standard Edition, multi-user PRO Edition, and powerful, SQL-based Enterprise Edition.