What is Contact Management?
Contact management is the process of storing and tracking the data of customers and leads.
It provides quick access to customer data and also helps in growing and diversifying the customer database.
What is Contact Management Software?
Contract management software can store information and data relating to prospective and current clients/ customers in an organized and searchable format.
The software can save data relating to customers
- Name
- Phone number
- Email address
- Interaction between customer and company
- Important calendar events
Benefits of Developing a Contact Management System
1.Enhanced Customer Relationship.
- Contact Management System allows businesses to store and keep track of tons of customer information and details.
- Businesses can store contacts, notes, tasks, time logs, payment details, and much more in order to provide customers with the best possible services and build long-term relationships.
2.Boost productivity and better data organization.
- Having access to a unified platform helps in boosting productivity and empowers the team to produce the best results.
- Contract management system can automate and eliminate laborious work such as data entry. Employees can instead use their time and energy on more productive tasks.
3.Better Customer Insights.
- Having a proper track record of the customer conversion journey can help in developing specific campaigns for a particular cohort.
- Contact management system also helps in providing the best support services along with this also helps in meeting the customer needs better than competitors.
4.Smoothens internal collaboration.
- With the help of a contract management system, employees' internal communication also improves due to a centralized repository of data and information.
- Due to this reason, there is no time wasted on sharing information back and forth. This centralized system improves decision-making and speeds up collaboration.
5.Enhances Customer Satisfaction.
- Contact management software helps in enhancing customer satisfaction by providing personalized assistance to clients, this leads to a delightful experience.
- There is also improvement in productivity and communication. Having a centralized system makes accessing customer information easy best possible support all the time.
Types of Contract Management Software
- Manage contracts related to a particular project.
- Track profit/loss generated by the project.
- Easily manage contracts related to rentals.
- Keep a tap and track your rented items easily.
- Helps in maintaining all types of contact.
- It also includes files and attachments which support integrity.
Must-Have Features in a Project-based Contact Management Software
Profit and loss tracker
TechUltra Solutions can develop a project-based contract management module that allows its users to project profit/loss for a particular project.
Term and condition Documentation
Using this feature enables businesses to customize the terms and conditions for each and every contract.
Payment tracker
Track and figure out how much amount is to be paid for a particular job depending upon the progress that has taken place.
Must-Have Features in Rental-Based Contact Management Software
Rental Expiry Duration Tracker
Get automated notifications regarding contract expiration. It also eases tracking of rental contacts.
Recurring Invoice Creation
Automate the creation of recurring invoices each and every time one receives an order for rental orders from the same customer at regular intervals.
Rental Item Tracker
Keep track of items on rent, check their obtainability, and calculate overdue charges for late returns all with the help of a rental item tracker.
Must-Have Features in Contact Document Management Software
Document file and attachment management
Easily store and manage files & attachments related to a contact without any limits.
Contract creation and editing
Create and customize various contacts and assign rights to users for editing them.
Contract due date tracker
Track expiration of contracts and get automatic alters for renewal of near-expiring contracts.
Why is Contact Management Software So Awesome?
Great stories have a personality. Consider telling a great story that provides personality. Writing a story with personality for potential clients will assist with making a relationship connection. This shows up in small quirks like word choices or phrases. Write from your point of view, not from someone else's experience.
Everything is interconnected
Click on any highlighted word in order to access various documents that contain a particular word in an all-connected document.
e-Signature
Sign contacts easily, securely, and electronically with the e-sign feature. Ease your work, reduced costs, and accelerate signing processes.
Automated Alerts and reminders
Businesses can set automated email reminders for all the people involved in a specific project, never miss any important deadline again.
Dynamic folders for fast access
TechUltra Solutions uses metadata to create dynamic views in order to store and access data this will enable users to find folders in seconds.
Datarooms
This enables easy sharing of documents (securely) with organizations outside the company, for instance, financial and tax audits or diligence processes and Joint Venture situations.
Discover and locate what is needed and whenever needed.
With the help of visual tagging effortlessly set metadata to find and locate contracts easily and quickly that too on multiple devices such as laptops, smartphones, or tablets.
What are the core functions of Contract Management Software?
Holding and Managing Contracts
The main purpose of contract management is to store all the contracts. For many large organizations storing and keeping track of all the contracts is a challenging task.
Contact management software makes locating contracts easy with a centralized repository. Audit trail is a common feature that comes in-built with modern cloud-based contact management software.
Managing and tracking contract changes and responsibilities
Before signing agreements, there are usually a lot of changes that take place such as rewrites or rephrasing of terms. Contact management keeps a record of all the changes.
Tracking changes of each version helps in shortening the review process and prevents anyone/ 3rd party from quietly making changes last minute.
Other useful features
Authoring and language tools, the main benefit of this feature is it shortens the contract creation time by 30-40%. Easy integration with other productivity applications like Asana, or Slack.
Extensive digital libraries of legal and contractual clauses are kept to integrate into contacts. Standardized language across contacts is also possible.
Section Who uses Contract Management Software?
A contract management platform can be used for types of businesses and various industries. There are some common users of contact management systems such as legal firms and business teams but usually require more complex features. In small businesses, it is used by Sales, procurement, and executive teams.
1.Sales Team
With the help of cloud-based contract management software, the sales team can easily and quickly generate a contract and close deals before the opportunity runs out of hand. It usually takes more time for the legal team to generate a contract and by the time it is created the opportunity is gone.
2.Finance
Contract Management Software makes the finance department's work easier by providing transparency and data analytics to keep the company growing. Contact management software also makes tricking the taxation department difficult as it can easily show the audit trails which helps in keeping track of changes made.
3.Human Resource Department
HR departments with custom contract management software can produce lawyer-approved contracts for new hires. Digital contact management software also enables the need for everyone to be in the same room to pass a paper contact because changes can be easily made, e-signature is also possible which eliminates delay due to time and physical presence of staff members.
4.Legal
With the help of a contact management platform, a company’s legal team can quickly work on numerous contracts that they have drawn up and deal with. Contact management software can easily generate reports on a scheduled basis that are recurring in nature. An advanced contact management system also helps in locating relevant documents with advanced filters and searching capabilities saving time, resources, and energy.
Why Contact Management Software + Small Business is important?
In simple terms, a contract is between two parties agreeing and promising to act in a specific way in which both parties benefit by helping each other. For any kind of breach, there are rights to protect the interests of both.
Companies use to have boxes and rooms full of contact hard copies until recently, for a company with an excellent filing and storage system would require a physical warehouse for storing them. Now imagine if there is a small detail to be looked at and the person searching it would be required to search the whole warehouse for it however small or important it is.
Digital and cloud-based contact management systems/software make contract authorizing and calling up within seconds. For example, an 11-Year-old contact, page 34, line 15 has an important clause to be read this can be searched in the centralized system easily and fast compared to hard-copy of documents.
Frequently Asked Questions on Contract Management Software
One of the best contract management systems for small businesses is the Odoo contract management tool. Key features include validating the contract, organizing workflows, levels/ steps of contract approval, using existing contracts to create new ones, closing contracts based on their due date, multi-company and multi-currency features supported, and much more.
There are different types of contracts in Odoo such as monthly, quarterly, semi-annually, weekly, bi-weekly, and bi-monthly. There is also an option to fill in contact details such as contract start and end date, working schedule, HR responsibility, new contract templates, etc.
Contract management tool is a software which unifies all parties involved, contracts, and versions participating in contract creation and negotiation. A contract management solution acts as a trustable medium which allows the parties involved to keep track of changes and track the contract timelines from generation to signing.
The contract management software development company must understand the scope of contract, pricing mechanism, service levels/deadlines, monitoring periods, and governance processes.
The most popular contract system is Lump sum contracts, which is also known as fixed price contracts, in this a fixed price for material and labor required for completing a job is established.
Yes, any business can write its own contract but consider hiring a business lawyer from your state who would be helpful in contract drafting process. This step ensures documents are valid and correct for transaction also avoiding legal mistakes.
Some of the many departments which use contract management software include Legal, HR, Procurement, Finance, Sales, Marketing, and many more.
CRM focuses entirely on different stages of a customer lifecycle to find opportunities for improvements. CLM evaluates customer-related metrics collected from various customers in lifecycle stages to measure the organization’s performance.
Smart contracts are simply programs that are stored in a blockchain which runs when the predetermined conditions are met. Smart contracts automate execution of an agreement such that all participants can be certain about the outcome with time loss.
These are the stages in the contract management process.
- Contract creation
- Negotiation and collaboration
- Review and approval
- Administration and execution
- Ongoing management and renewal
- Reporting and tracking