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7 Reasons SharePoint is a Good Contract Management Software?

Posted by: Team Xylity July 2, 2024 No Comments
7 Reasons SharePoint is a Good Contract Management Software?

Contract management is one of the critical business operations for companies of different sizes and types. Investing in Microsoft 365 Sharepoint can be a significant decision that benefits businesses with efficient contract management which involves great collaboration and document management. Irrespective of the number of contracts that businesses have to handle, Sharepoint acts as an excellent contract management software. Moreover, it comes with an array of specialized features that are customized to solve the major complexities of contract management.

This blog explores the unique benefits and features of Microsoft Sharepoint intranet as the best web-based collaboration and contract manager software. So, let’s dive in.

What is SharePoint?

Sharepoint is the best contract management software developed by Microsoft, that facilitates easy document storage, content management, and team collaboration. It serves as a centralized repository where sensitive business contractual documents are stored securely while offering easy accessibility within the organization. 

It provides a variety of robust features which include workflow automation, version control, and permission settings that help businesses streamline their operations, collaborate efficiently, and maintain all the contractual records for further modifications. 

Where are the Powerful Features of Sharepoint for Contract Management?

Sharepoint can be an ideal choice for any tasks related to contract management. It serves as a global solution for contracts, agreements, or MoUs (Memorandums of Understanding). 

Here is how SharePoint can be the best contact management software-
Centralized Repository: 

As mentioned above, SharePoint serves as a centralized repository to store all the contractual documents ranging from vendor agreements to NDAs in a single and secured place. Every user can access these documents to the latest version. This eliminated the confusion due to the scattered folders and emails while avoiding wastage of time.

Improve Workflow with Automation:

Sharepoint online automates various repetitive tasks to improve the workflow within the organization. By setting up work processes for approvals, sending reminders for renewal of contracts, and sharing notifications for expiring contracts, SharePoint intranet simplifies overall contract management. This ensures that businesses don’t miss any opportunities and meet the deadlines.

Ease Collaboration:

SharePoint simplifies the collaboration between the teams. It helps in assigning permission while allowing both parties to review, modify, and approve contracts. The streamlined process and effective collaboration keep every member involved in contracts on the same page.

Version Control:

Sharepoint’s version control allows teams to track all the changes. It automatically tracks all the contracts and helps users revert to the previous version of the documents whenever needed. This fosters accountability and transparency throughout the contract management lifecycle.

Robust Security:

Sharepoint is widely used by enterprises that require granular permissions controls. It preceded the sensitive data by restricting unauthorized access. Also, it offers certain built-in features that ensure robust data security and compliance.

Enhanced Search Functionality:

SharePoint offers powerful search functionality, allowing users to search for parties involved, it eliminates the need to search the required information by digging through endless files or folders.

Third-party Integration:

Being a part of Microsoft 365 Suite, Sharepoint facilitates third-party integration with other applications. It easily integrates with ERP, CRM, OCR, ECM, analytics, and intelligence software applications. The contracts stored in Sharepoint’s centralized repository can easily be accessed with the integrated tool even without switching between two apps.

The Wrap Up

Sharepoint consulting services offer an ideal solution for contract management for your business that deals with sectors such as healthcare, real estate, technology, media, and consumer goods. Sharepoint can be customized as per the specific needs of the business to ensure a great user experience and improved productivity as compared to other contract management software.