As a contractor, you’re likely using some sort of contract lifecycle management software. And if not, you should be. Contract lifecycle management software makes the process of creating, managing, and executing contracts easier. But it can also do so much more. It can make your life as a contractor much easier and save time when you’re working on projects that require multiple types of contracts. Here are 5 tips to help you get started with your CLM software:

Automate a lot of the things you have to do

Many contract lifecycle management systems allow you to create custom templates and boilerplate language, which is great when you’re starting a contracting business. You can automate your contract management process by introducing automation tools into it as much as possible; these include automated workflow approvals, selective email alerts based on specific criteria (such as expiration dates or changes made), and automatic reminders sent out when tasks are due or overdue, etc.

Make it vastly easier to find contracts, versions, and templates

The more you can streamline the process of finding contracts and versions, the easier it will be to use your software. Try using search by name, number, or keyword as your default. Then add in other criteria like status and template type to narrow down results even further. You can also filter by contract types to narrow down results even further.

Make all your contracts accessible from the same place

One of the most important elements of contract lifecycle management is to make all your contracts accessible from the same place. If you can’t find what you need, it will take a lot longer to get things done. To save time and reduce errors, use a single platform to manage your complete contract portfolio. This enables you to:

• Import contacts from multiple sources into one central database
• Easily find and use contracts when needed
• Create templates for common terms and clauses so that they can be applied across different types of agreements

Integrate with software you already use

You should also consider integrating your contract management software with other tools you already use. For example, if you use a CRM to manage the pipeline in sales, why not connect it to your contract lifecycle management software system as well? This way you can keep track of opportunities at every stage of the deal process and make sure no steps are missed or forgotten.

Similarly, if you use accounting software to manage things like budgets and expenses, integrate this information so that it is always up-to-date in the contract management system as well. You can even share contacts between systems so everything stays connected. The same goes for project management software—integrate it with your contract management system so everyone knows who is responsible for what part of each project at any given time.

No more mistakes or miscommunications

Contract lifecycle management software eliminates the possibility of mistakes and miscommunications. Gone are the days of lost documents, wasted time, and wasted money. This is because everything is tracked in real-time with the use of contracts. As soon as someone changes a document or adds to it, everyone else has access to those changes within seconds. No matter how many people need to be involved in the project or what department they work in, there will never be any more lost documents because everything is connected through one system that’s updated instantly when someone makes a change.

In addition to preventing mistakes and miscommunications from happening again with your contract documentation processes, using contract lifecycle management software also helps ensure compliance with industry standards set forth by regulatory bodies.

Conclusion

These tips will help you streamline your business processes, saving time and reducing wasted effort in the long run. The added benefit is that you’ll also be able to reduce costs and increase profits by improving efficiency and reducing the time it takes for new contracts to be created. This can help your business grow more quickly, as well as prevent mistakes from happening again with your contract documentation processes.