How to Find the Best Contract Management Software for Your Legal Department in 10 Steps

If you’re reading this, you’re likely already considering purchasing contract management software (CMS) to help overcome your most pressing contract management process challenges. You’re likely seeking a solution that not only simplifies and streamlines the contract life cycle but also aligns seamlessly with your organization’s existing workflows and enhances efficiency without imposing undue financial burdens.

Contract management software is designed to automate and streamline the legal contract management process. These powerful contract automation tools offer a unified platform for legal departments and business teams to create, negotiate, sign, renew, and report on business contracts by automating the manual work traditionally involved in a contract workflow.

The right choice can make a big impact on your legal team. An automated contract management system can speed up negotiations by 50%, reduce payment errors by 75-90%, and lower the cost of managing contracts by 10-30%, according to a Goldman Sachs report.

Making the wrong choice has the potential of wasting your organization’s time and money, with little to no improvements to your department’s contract management efficacy.

[Download our Buyer’s Guide to Contract Management Software for a structured approach to finding the right contract management tool for your legal department.]

Choose the right contract management solution with confidence

While there are many contract management solutions on the market, it’s important to consider all of the relevant factors to understand which contract management tool is the best solution for your legal department.

Our Buyer’s Guide to Contract Management Software offers insights into evaluating your current contract management processes and identifying key areas for improvement. It provides a structured approach to understanding contract management software options so you can better align your organizational needs with the capabilities of various solutions.

Choosing the right contract management software is crucial. Bloomberg Law’s innovative Contract Solutions platform is built by lawyers for lawyers and tailored to meet the needs of corporate legal departments, specifically when it comes to addressing the most time-consuming and labor-intensive parts of the contract management workflow.

Request a demo to see how Contract Solutions can help you take back your time.

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Manage your contract workflow with confidence

Save valuable time when you trust Bloomberg Law Contract Solutions to draft, manage, and execute contracts efficiently and effectively. Sign up for your Contract Solutions demo today.