Help! Where should I be storing my contracts?

Contract Lifecycle Management Systems (CLMS) are often designed to support individuals and organizations in the early stages of contract management. If you’re currently using a shared drive or SharePoint to organize your contracts, transitioning to a CLMS might be a consideration. However, it’s important to evaluate whether you are ready for a CLMS solution, as it might be more comprehensive than what you need.

An increasing number of CLMS solutions are tailored for smaller companies with lower contract volumes or complexity. SharePoint, while useful for storing and organizing documents, falls short in proactive management and analytics capabilities. Although not many CLMS solutions are aimed at smaller companies, some do exist, making it possible for such businesses to effectively manage their contracts.

Keywords

Contract Lifecycle Management Systems (CLMS)
Contract management
Shared drive
SharePoint
Small companies
Document storage
Proactive management
Analytics

FAQ

Q: What is a Contract Lifecycle Management System (CLMS)? A: A CLMS is a software solution designed to manage contracts through their complete lifecycle, from initial creation to execution, compliance, and renewal.

Q: Is a CLMS suitable for small companies? A: Yes, there are CLMS solutions specifically tailored for smaller companies with lower contract volumes or complexities.

Q: Why might someone want to move from SharePoint to a CLMS? A: SharePoint is good for storing and organizing documents but lacks proactive management and advanced analytics capabilities, which are strengths of CLMS solutions.

Q: What should I consider before switching to a CLMS? A: Evaluate whether the features of a CLMS align with your needs. It might offer more functionalities than required or might not be necessary depending on your current contract management process.