OpenSourceCM provides adaptive contract management software for all industries as we know how contract management processes are unique to every company. These unique processes are especially true for technology companies, who demo their software to new leads, intensively onboard new clients to their software (enabling their success) and draft complex contracts for the length of time new clients are signed-up to their software.
Simplifying that would mean to cut down on the nitty-gritty contract processes that overwhelm administrative staff, effectively shortening your sales pipeline by reducing how long the negotiation stage lasts. With a shorter sales process and by setting up your clients for success early-on, you ultimately can increase your bottom-line.
Here’s how technology companies can benefit from contract management software from companies like us, OpenSourceCM.
The Benefits of Contract Management Software for Technology Companies
Contract management software and systems provide a plethora of benefits for streamlining your technology business’s contract management processes from the preparation stage to the renewal stage.
In this section we will provide benefits and examples technology companies can expect after implementing contract management software, correlating to the stages of your contracts’ lifecycles.
The Contract Preparation Stage and Example
The contract preparation stage of a contract lifecycle includes identifying the needs of you and client. After identifying each other’s needs, you can begin establishing goals, expectations and possible risk in the contract’s text. This step can be thought of as a research stage. You’re gathering as much information as possible about your prospective client, including (but not limited to) contact information, setting pricing terms, expectations of leasing your software to them, and how long they will be using your software.
An example of how technology companies would benefit from using contract management software in this stage of a contract lifecycle would be if a client visits your website’s software pricing page, requests a demo and you access how they might use the software. This system would enable you to collect lead information about the potential client with reports and present contract comparisons of similar software, positioning yours above the competition.
Contract Drafting Stage and Example
The contract drafting stage of a contract lifecycle includes meeting with your legal team to draft an outline of a contract. This outline would represent the agreed upon terms and conditions for creating a partnership.
An example of how technology companies would benefit from using contract management software in the contract drafting stage of a contract lifecycle would be the ability to manage and alter pre-existing contracts to fit your new client’s needs, or simply follow a contract template provided by the system. Many software clients require unique assistance when considering enterprise level priced software.
Contract Negotiation and Approval Stage and Example
The contract negotiation and approval stage of a contract lifecycle includes sharing the draft you and your legal team created with your potential client. The client should review the contract outline at this stage and time, determining whether all terms and conditions meet their needs and expectations. Most likely they will have their own legal team review the contract to ensure its legality.
An example of how technology companies would benefit from using contract management software in the contract negotiation and approval stage of a contract lifecycle would be if your client has a specific workflow policy regarding the software you are providing them. Your client might ask you to audit the contract in how you would integrate and manage your software into their system. Contract management systems allow you to amend workflow changes with ease.
The Contract Signing Stage and Example
The contract signing stage of a contract lifecycle includes reaching an agreement between you and the client, and then creating a finalized draft of the contract. Once the finalized draft is crafted, the contract would be signed and dated by both parties. Even though finalized, most contracts tend to leave wiggle room for adjustments and revisions later on.
An example of how technology companies would benefit from using contract management software in the contract signing stage of a contract lifecycle would be with contract approval flow. Approval flow enables seamless delivery to both parties so that contract signing becomes a menial task.
Contract Renewal and Revision Stage and Example
The contract renewal and revision stage of a contract lifecycle includes managing contracts that will reach their end of terms. At this stage, you and your client can renew the binding contract for further partnership or choose to end it. Additionally, what is most common in good standing business partner relationships is agreeing upon revisions to the already existing contract.
An example of how technology companies would benefit from using contract management software in the contract renewal and revision stage would be accessing monitoring and alerts when a contract is about to expire. This is especially useful when managing a large number of contracts, such that contract beginning and end dates are tedious to track. However, with contract management that tedious task is simplified with unlimited contract profiles.
Customizing Contract Management Software to Your Brand and Technology
One benefit of using OpenSourceCM for your contract management software needs is the ability to customize the software to fit your brand if partnered with us at the enterprise level. However, we work with you, providing unlimited training and support, at any of our pricing options, in order to ensure you succeed with our software.
Get to know if contract management software is right for your technology company. Start today by scheduling your free demo with us, where we train you on the use of our software and provide a system analysis.
This software will save you time, money, and stress with its innovative ability to streamline your school district’s contract management.
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API (application processes interface) uses to connect to company applications, added a secured Deal-Room/Data-room, bidding system, and allow external users to log in to their dedicated data-room.
Now the company can have (BI) Business Intelligence processes with Reports and AI (artificial Intelligence) integration for document analysis and data extraction processes.
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opensourceCM is a cloud-based SaaS (software-as-a-service) solution. When uploading a text or MS Excel document the application performs OCR, indexing and then recreates each document as an HTML document allowing easy document comparisons (e.g., between MS Word and scanned PDF docs). It also has the capacity to find words, values, phrases, terms of art, or specific legal language within documents that are hyperlinked to the actual highlighted location in each document. This can be accomplished across document data sets that may comprise tens of thousands of documents. Furthermore, opensourceCM provides a contract authoring workflow, calendar and notifications workflow, support SSO (single sign-on), and encrypted secured access. The application offers the ability to simply create Negotiation Deal-Rooms and Users Data-Rooms (internal/External) or Flexible Bidding System with Advance Q&A. We offer an API (Application Processes Interface) Library like office 365, BOX.COM, Salesforce, MS-Dynamics, NetSuite, OKTA, Dropbox, DocuSign to mention just a few.
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