contract management system

8 Reasons Why Your Contract Management Software Isn't Being Adopted

8 Reasons Why Your Contract Management Software Isn't Being Adopted

Contract management software is all the rage and for good reason. Most companies have executed contracts stored across a smattering of email inboxes, shared drives, internal SharePoint sites, files cabinets, and office drawers. BUT just because a particular contract management software product has some exciting features it doesn’t mean that is the RIGHT product for your organization. For more on key features read our blog post: “The 7 Features You Need in a Contract Management System”. Here are 8 reasons why your contract management software isn’t being adopted:

BREAKING: Nimble expands into Artificial Intelligence Contract Review Software with Nimble Essentials Powered by LegalSifter

BREAKING: Nimble expands into Artificial Intelligence Contract Review Software with Nimble Essentials Powered by LegalSifter

Our out-of-the box solution can be up and running in matter of minutes. Find what’s missing, compare the language of certain provisions to sample language from Nimble and make your changes and edits in minutes. Nimble Essentials powered by LegalSifter allows organizations to review contracts at the Speed of Business!

Top 12 Nimble Blog Posts from 2018

Top 12 Nimble Blog Posts from 2018

With 2018 winding down we are reflecting on what a great year 2018 was! We’ll have a bigger announcement soon but our Blog recently won The Expert Institute’s Best Legal Blog for the Legal Tech category! We’ve heard the “12 Days of Christmas” repeatedly this month so as 2018 comes to a close here are Nimble’s Top 12 Blog Posts from 2018:

Data Analytics: NDA Cycle Time and Average Term

Data Analytics: NDA Cycle Time and Average Term

At Nimble, we use a contract management system to create, negotiate, execute, and manage contracts for our clients (and ourselves!).  We offer this as part of our Contract Review Managed Service. Automation and data are two of the great benefits provided by a contract management system.

Impediments to Execution

When I was a General Counsel, our internal clients dreaded how long it took for contracts to be reviewed, negotiated, and signed.  There are many impediments to getting a contract signed including:

Top Insights from Industry Experts on Cyber Security and Legal Technology

Top Insights from Industry Experts on Cyber Security and Legal Technology

Over 50 people attended the first ever Nimble Forum on September 14th where we had an interactive discussion on cyber security and legal technology.  

The 7 Features You Need in a Contract Management System

Law departments are increasingly expected to be business partners, collaborating with executives and other functional experts to drive results.  Often times, the legal function struggles (or doesn't know where to begin) to develop metrics and data to provide business related legal intelligence to its business partners.  One of the quick ways for law departments to provide valuable data to its business partners is to implement a Contract Management System, whether licensing it directly or working with a service provider that uses one currently.

The legal world has been slow to embrace technology to help solve business problems.  For example, the contract.  Even some of the most sophisticated organizations are still creating and working with contracts in Microsoft Word.  Sometimes using an agreement from the last deal that has specific negotiated provisions for that last deal that have nothing to do with the current one.  Email remains the primary means of delivery and sometimes...even storage of the contract.  See "The Future of Legal Work" by Constantine Limberakis of Corporate Counsel.

Great!  Let's go get a Contract Management System!

If only it were that easy.  There are no shortage of Contract Management System or Contract Lifecycle Management System providers.  Each solution comes with its positives and negatives.  Some charge you for storage.  Some charge per user.  Some charge for you to invite third party collaborators to use the system (such as the other party to the contract).  Some charge by number of contracts.  It's difficult to do an apples to apples comparison. 

And while there are all of those (and many more) issues to review and identify, you also need to know what is the current end-to-end process internally for initiating, drafting, negotiating, executing, storing and analyzing contracts.  Who touches these contracts in one way or another?  Who will want access later?  What other information systems are currently being used and will your functional business partners (HR, Finance, Business Development, Operations, etc.) want to pull data from the Contract Management System into the systems that they use?

7 Key Contract Management System Features

With all of that said, here are 7 features that should be a part of any Contract Management System you select:

1. Multiparty Collaboration - You want a system that allows the other party to the contract to access the contract you're negotiating within your system.  You also may want access for advisors like lawyers and accountants. 

2. Electronic Signature - Why go to all this effort if the contracts can't be signed electronically within the system?  You might as well go back to faxing. 

3. Workflow Management - An excellent feature that provides transparency about where the real bottlenecks in the process are.

4. Contract Compliance - Can you audit who made what changes and when?  Also great for enforcement of terms.

5. Contract Storage - Get away from shared drives, external hard drives and your email inbox for contract storage.  There's nothing worse than the scramble to find "anyone that has a copy of that contract from 5 years ago" and it's a random redline that someone found lingering in their email inbox.  The accessibility for all users is also great.

6. Analytics and Data - Want to know how long it takes your form supply agreement to get negotiated and signed on average?  Most Contract Management systems will arm you with that data.  Identify what data you'd like to have and use that to weed out some of the providers that are unable to deliver.

7. Integrations - Any Contract Management System that you are considering should integrate easily (at no additional cost) with systems like Oracle, SAP, or Salesforce.  You should work with your Information Technology team to identify what other systems you might want your Contract Management System to integrate with.

The right Contract Management System can streamline legal operations significantly, standardize the contract process, and arm the legal team with useful legal business intelligence to share with its functional business partners.