6 Must-Have Contract Management Software features

Choose the right contract management software

Inefficient or ineffective contract management software can be disastrous to your business’s revenues, reputation and compliance obligations. So ensuring contract signing and handling is secure, fast and accessible is imperative.

From signing, to storing, to auditing, contract management software can greatly improve the way you handle these valuable documents, throughout their entire lifecycle. But not all digital contracting systems are created equal. The technology your business relies on for contract signing and validation should include these core features.

1. Easy editing

When it comes to amending, adding or updating contract data, electronic form filling removes the restrictions and inefficiencies of paper documents. Your digital contracting solution should be intuitive and easy to use, to ensure document editing on the fly requires minimal effort. This way, documents will always be 100% accurate, leaving fewer opportunities for delays and incomplete sales.

2. Available anywhere

The global nature of the financial services industry means that business can take place all over the world, at any time. Contract management software should support this. Your contract signing solution should utilise a technological infrastructure that is robust in its speed, availability and security, no matter where in the world your people are. Leading infrastructures such as Oracle’s Cloud Platform achieve this.

3. Device agnostic

Sales teams are frequently on the move, so they take advantage of portable devices such as mobile phones and tablets. They require digital contracting and signature software that works flawlessly, no matter what devices they use. Your application should be device agnostic so sales conversions are always achievable.

4. Automation capabilities

Electronic signature software should dramatically reduce the time it takes to complete the entire sales process. Automation and systems integration is key to this. To standardise your contracts, free up your sales team and reduce input errors, your contracting system should relay input data to your servers and use your business rules to automatically generate bespoke contracts. 

5. Highly secure

To fulfil your compliance responsibilities, your electronic signatures need to meet industry security standards and be enforceable around the world. To verify that a digital signature solution uses secure and legally binding technology, check whether it exceeds the requirements of widely recognised bodies and directives. The Electronic Signatures Directive’s Advanced Digitized Signature requirements and the Seal of Confidence by the European Agency of Digital Trust are two important indicators of security within the EU.

6. Fraud Detection

An enterprise-grade digital contracting and signature solution will have ID validation capabilities to abolish the threat of fraud and its associated costs. This should occur prior to contracting to assess the accuracy and compliance of documents, so you can trade with confidence.

In order to provide the best customer experience and to truly achieve the benefits of digital transformation, even if you’re sales team is on the move, you need technology that is reliable and compatible with your existing infrastructure. Insignio, the mobile digital contracting and signature solution, built for rigours of the financial services industry, is exactly that. Book a demo of Insignio to see how it can streamline your sales process.

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