As a business owner, this is the best time in history to find software and technology that suits your organization’s needs. Before the internet, the explosion of startups and software development companies, the right software was very expensive and there weren’t a lot of options. Nowadays, everything you need is available at the click of a button or swipe of your screen. From printers to project management platforms, there are so many options available to you. This is both a gift and a curse though, because, with so many options, it’s hard to know what exactly to pick in a specific category.
Contract management software is very necessary for a business dependent on relationships with outside contractors and other non-inhouse workers or collaborators. Without it, so many things can slip through the cracks in a business, which only leads to wasted time and money.
The contract management tool will help you overcome these issues, or avoid them entirely so your business can run a lot better. But how do you even know which one to choose? How can you figure out what’s most important for your organization so you can make the right decision? What facets should you be considering to make sure getting this software is an investment and not a waste? In this article we’ll delve into 5 factors you would need to think about to get the right contract management software for your business.
How To Choose Right Contract Management Tool
1. Company Size
The first consideration you need to make is the size of your company, and how that correlates with the software you choose. Some platforms are suited to a company with 30 people, while others are meant for smaller teams who don’t require a lot of functions.
If you get the wrong thing, you might end up spending thousands of dollars for something that could have cost a couple of hundred dollars. On the other hand, if you get something for very lean teams, you might end up with a bottleneck in your business. Most software platforms will ask you how large your organization is right at the start. This is important because it ensures that you get the right fit for your team.
2. Customization
Some software platforms have set interfaces, not templates or customizable pages. We’ve found that it’s better to invest in something you can tweak to suit your organization and its needs. When you’re talking to the salesperson, ask them if this is something their software can do, and get a test run if possible. You want something that simplifies your life and makes your business run more efficiently. If it takes away from that, it’s just not worth it.
3. Cost
Paying for software for your business is considered an investment, but in order to get a return on that investment, the numbers need to work. Many entrepreneurs make the mistake of buying pricey software in the hope that the business will grow quickly. We say it’s better to buy for the business you have right now. You can always upgrade when you need more.
Pay for something that fits well into your budget so you’re not overextended. Remember a lot of software platforms have different levels of their service, so you can find something that works for your budget. Cash is always a concern in business, so keeping it dialed in is key.
4. Industry
When you’re looking for a piece of software, there’s a step of research you should never miss, and that’s your industry. Some platforms are designed for specific industries and customized to their needs, types of jobs and deliverables, the agreements and parties involved. For example, if a platform was designed with real estate in mind, it might not work in an architectural company. So before you buy, make sure the choice you’re going with is made for or can be customized to your industry.
5. Your Actual Needs
Entrepreneurs often make the mistake of getting dazzled by the expensive, super fancy software platforms, especially when it’s pitched by a highly motivated salesperson. Sometimes it’s an ego-driven decision controlled by trying to keep up with other business owners who seem more successful. Don’t make this mistake because it can lead to huge ramifications for the business. Choose software for your needs, not to look cool or more successful. What works for other people’s businesses might not work for you, and that’s okay.
Choosing the right software can be really challenging, especially when you’re faced with a multitude of options when you try to do a simple Google search. Everything single thing on those lists will seem promising and like it’s right for you. Avoid analysis paralysis by empowering yourself with data, information and clear goals and objectives.
The key thing is finding something that works well for your organization and makes life easier for you and your team. But here’s the truth about picking the right platform, the one that’s best for you is the one you’ll actually use. You can get the fanciest, most kitted out the platform, but if you don’t use it, it’s a waste.
