Articles

Contract Management Software (and Why You Need It)

By Tom Odlin, Updated: 2023-11-22 (published on 2023-09-06)

Contract management is more than just a legal necessity. It’s a strategic asset.

However, it remains one of the most complex and time-consuming tasks for legal teams, procurement departments, and business leaders.

Traditional methods involve tedious manual processes, leading to human errors, delays, and compliance issues.

If the intricacies of contract management bog you down, it might be time to consider Zegal—a revolutionary contract management software designed to simplify your legal workflows and elevate efficiency.

So, what sets Zegal apart in a competitive legal tech market? Let’s explore.

What is contract management software?

Contract management software is a specialised platform designed to handle various stages of a contract’s life cycle. Quite simply, it is the future of contract management

Good contract management software allows for the creation, negotiation, execution, and monitoring of contracts. Unlike traditional contract management, which often involves stacks of paper, manual signatures, and cumbersome filing systems, contract management software streamlines these processes with the help of automation, digital signatures, and cloud storage.

Features like template libraries, real-time collaboration, e-signature support, and robust analytics transform how businesses handle their legal obligations.

The primary aim is to make contract management more efficient, accurate, secure, and compliant with regulations.

Why Your Business Needs Contract Management Software

Efficiency

Contract automation is a game-changer. Instead of spending countless hours drafting contracts from scratch or updating terms, contract management software like Zegal automates these repetitive tasks.

With automation, you can allocate your human resources to more strategic functions, improving your business’s overall efficiency.

Accuracy

Manual contract management often results in human errors, such as misinterpretations or omissions, leading to costly legal disputes.

Zegal’s advanced features minimise the risk of human error by providing customisable, legally vetted templates and automated error-checking tools.

This ensures that all your contracts are accurate and compliant with the relevant laws and regulations.

Compliance

As businesses grow and diversify, compliance with different jurisdictions and regulatory frameworks becomes increasingly challenging.

Zegal offers built-in compliance checks and alerts to ensure your contracts meet all requirements, significantly reducing the risk of legal penalties or reputational damage due to non-compliance.

Accessibility

Centralising all contracts in one secure platform offers more than just convenience. It ensures that authorised personnel can access vital agreements anytime, anywhere to enable faster decision-making and reduce delays in contract execution. A dedicated team of developers can help you with different issues.

Collaboration

Collaborating in real-time is another significant benefit of contract management software.

With Zegal, multiple team members can review, edit, and comment on contracts for greater stakeholder alignment and to speed up the contract negotiation process.

A banner of a happy lady under the headline "Reduce Contract Errors by 90%". The image has a CTA to book a demo with Zegal.

How Zegal improves the contract management process

User-Friendly Interface

Zegal’s intuitive interface is designed for users of all technical levels, making navigation effortless.

Comprehensive Template Library

With a rich library of legally vetted templates, Zegal allows you to customise contracts to suit your specific business needs, saving you time and reducing the risk of errors.

Real-Time Collaboration

Zegal’s collaboration features ensure that multiple users can work on a contract simultaneously, which speeds up review cycles and ensures that everyone is aligned.

E-Signature Support

The platform offers robust e-signature capabilities, enabling quick and legally binding contract execution without physical paperwork.

Robust Security

Security is a primary concern when it comes to legal documents. Zegal employs cutting-edge encryption and compliance standards to keep your contracts safe.

Audit Trail

Zegal provides an audit trail for all your contracts, allowing you to track changes and access historical versions for legal and compliance purposes.

Real-world applications of Zegal contract management software

  1. Supply Chain Management: Streamline contracts with suppliers, vendors, and partners to ensure smooth operations and compliance with global regulations.
  2. Human Resources: Efficiently manage employee contracts, non-disclosure agreements (NDAs), and non-compete agreements, enhancing HR productivity.
  3. Privacy Policies: Zegal is fantastic for drafting, updating, and maintaining privacy policies that comply with evolving data protection laws like GDPR, CCPA, etc. Ensure your business stays ahead of regulatory changes and minimises the risk of legal repercussions related to data privacy.

Conclusion: Get contract management software

Effective contract management is more crucial than ever as remote work is more common and finances are still recovering from the thing that shall not be named.

With its user-friendly interface, comprehensive features, and robust security protocols, Zegal’s contract management software provides an all-in-one solution for all your contract management needs.

Tags: business | Hong Kong | legal tech | Singapore | SME | UK

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