There are several contract lifecycle management tools out there all with different features to navigate, ultimately making it harder for you the customer to pick one that is right for your company. Do you need all the bells and whistles (probably not) or do you need to do just the basics?
Here are some important takeaways from the whole scenario:
We feel that an important feature to consider when picking the right contract management solution is a redline tool. The ability to redline a legal document (and show them) is critical to any business’ success. We may be biased because with our platform, you never have to worry about turning track changes on. They are automatically on. All the time.
Why a redline tool is important
- We know contracts need changes, and there’s a decent chance the changes will be new every time. Don’t make yourself fret for no reason.
- If a change is made before redlining got turned on, it may be missed. And could ultimately be very, very bad for you and the company. Don’t just cross your fingers and hope it was turned on.
- Having the ability to look back at a redlined agreement gives you power you didn’t know you needed. If you notice a similar change is made over and over to a contract, you can change your template. Meaning, you may be able to skip past negotiations and just go right to signing.
Why PlainVanilla and our redline tool?
- We track all the changes either accepted or rejected inside our negotiation portal. No more version #2,3,4, etc. You get it.
- One step of the contract management process is automatically done for you. Redlining in contracts is always turned on.
- Power of data. Every redline in contracts is captured and analyzed. Like I said, you are getting power you didn’t know you needed. (Look for future blog posts on our data and analytics and learn about how we do it.)
If you are contemplating a new contract management solution and redline software, make sure you looking for the right tool with the right features. Sometimes the biggest (and most expensive) isn’t always the best.