Good contract management software makes our lives easier… So much so that it’s not hard to imagine a future in which a good CMS solves all our problems. If you’re just waiting for the day when software saves us all, we don’t blame you. We’ve got a few of our own dream CMS features we just can’t get out of our heads.
Luckily, the best contract management tools are one step ahead of us with tech-forward features designed for the 21st century. Scroll down to see how the CMS industry is already creating the software of our dreams.
Dream Feature: An All-Knowing, Always-Available Contract Oracle
You’re in your office – late. You’ve put your feet up, ordered take-out, and settled in for a long night of contract audits. All you need now is to say the word, snap a finger (or tap a button), and you’ve summoned the exact contract you need onto a holographic screen, straight from the ether.
How CMS Makes it Real: Searchable Cloud-Based Repositories
So there may be more to using today’s contract management technology than a finger-snap – but not that much more. Any CMS worth its salt will store all your contracts safely and securely in a centralized, cloud-based repository. That means you should be able to pull up whatever document you need, any time of the day, anywhere you are (as long as you have an internet connection).
The best CMS options are also equipped with OCR technology, allowing your computer to “read” documents such as scanned text. Once hard copies are digitized and stored, you can keyword-search any document as easily and quickly as you would with Google.
Dream Feature: Ctrl-T for Time Travel
Missed renewal or re-negotiation deadlines don’t just cause headaches – they can sink tons of money down the drain in lost time and revenue. In a future where time travel is possible, though, no sweat. You’d just strike a few keys, go back to before the missed deadline, and bam. Like it never happened.
How CMS Makes it Real: Automatic Alerts
Today’s CMS options are a little more focused on prevention than damage-control. You won’t find a rewind-time button, but you will usually find a system for automatic email alerts, notifications, and customizable calendars that let you track dates – and avoid ever missing a deadline again.
Dream Feature: A Robot Messenger to Collect Signatures
Whether you’re imagining a boxy, cartoon-style machine or a high-tech drone, a robot to knock on your clients’ doors and grab their signatures before every deadline would be a huge life-saver.
How CMS Makes it Real: CRM and E-Signature Integrations
Integrations let your CMS work seamlessly with top-of-the-line CRM and e-signature platforms. In other words, you can locate, search, sign, send, and sometimes even draft contracts all from one cloud-based hub, resting assured that each platform is playing its part.
Dream Feature: Fully Automated Job Security
Imagine coming to work every morning, where you’re greeted by a robot that does virtually all your work for you – while you still take home the same salary and benefits.
How CMS Makes it Real: AI Used Wisely
Smart contracts may not work well for all kinds of firms/contracts. Still, more and more CMS’s are using artificial intelligence to make contract managers’ lives easier, from OCR technology to AI tools that pull contract metadata – such as party names, dates, addresses, and clause types – quickly and easily for future use.
Dream Feature: A Free-Coffee-Slinging Robot Butler
Maybe not all of us had the privilege of growing up on The Jetsons, but it’s hard to deny the appeal of a robot making its rounds through the office, popping out hot coffee and snacks like a vending machine on wheels. Even better if it’s all on the company tab.
How CMS Makes it Real: Better Margins, Huge Savings
The best CMS prevents contract damage and loss, automates alerts and notifications so you never miss a renewal date, and gets all parties connected more efficiently and quickly. That’s how the best contract management software saves companies so much time and money, you’ll have plenty left over to spend on coffee for the whole office.
With its embrace of cutting-edge technology in the name of efficiency, contract management software is bringing an important industry into the future. We’re sure the CMS of tomorrow will be even faster, more streamlined, and more margin-friendly. But we’re pretty happy with today’s options, too!
