I have spent the last couple of months investigating the most efficient contract management software and am still unsure as to which way to go. A colleague of mine worked at E Z Rent-A-Car in Orange, CA and he once said they never used that type of software and could not understand why I want to buy this specific type of software. I tried to discuss why I want to use contract management software by first explaining what the software is designed for:

Contract management software lets organisations to easily manage the different types of contracts they engage in. This type of software can ensure very consistent contracts which displays payments, deliverables, commitments, and compliance terms of the contract.

So that is basically what contract management software does or at a minimum what I would like it to do. There are a number of benefits of using purpose built contract management software. For example it:

• easily automates the contract cycle
• facilitates compliance on both sides
• reduces risk
• improves clarity

There are more benefits but those are what matters most to me and generally to other corporations.

Software I am thinking about getting includes the following:

• Finetooth
• Khameleon Software by Oracle
• Ketera Contract Management Express
• Accruent

I really have to reduce the list to the most effective software based on features, value, and then on online reviews. Software reviews are generally the quickest way to make a good decision before purchasing software, especially this kind of software.

My next step is to do a little more research to determine which products offer the best features and the best value for money. It is difficult seeing as there are so many contract management software providers in Orange as well as a number of IT companies providing this as a service.