How Does Contract Management Software Differ From E-signatures
Posted by Melanie Aizer on Tue, Sep 14, 2010 @ 12:07 PM
What is “contract management software” and how does it differ from “e-signature” technology?
E-signature technology enables users to place a digital signature onto a contract. The capability is certainly a component of improved efficiency — but it is just a start.
A complete contract management software system eliminates waste by automating the entire workflow.
According to Forrester Research, Inc. January, 2010 Market Overview: E-Signatures in 2010
“...But Automating Workflows Delivers The Value. The signing process is the keystone of the execution of a legally or administratively binding agreement. However, as central as it is, the signature itself is only one part of the overall document or business process life cycle; the true value to an organization lies in replacing all paper-based processes with electronic ones and securely automating as many previously manual steps and procedures as possible. ”
The significant technical break-through is that contract management software enables users to control not just contract images, but also the data elements within the contracts.
The ability to manage at the data level opens up new automation possibilities.
For example, you can import and populate contracts from a variety of sources (Customer Relationship Management, Sales Force Automation, Excel spreadsheets, ERP systems, etc.), move the data into other contracts relevant to the particular process, verify data-entry at the time contracts are filled-in, map contract data fields into internal systems, and much more.
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