The contract management software market is moving toward a merger and acquisition spree. Choosing the right vendor can be a risky proposition. This does not mean organizations should delay a contract management purchase. Instead, it means decision makers should carefully weigh the pros and cons of purchasing an Oracle or SAP module versus a best-of-breed solution.
Base Requirements
In order to obtain the business benefits from contract management software, the application must have the following functionality:
- Central searchable contract repository.
- Contract templates.
- Redlining and version control with check-in/check-out capability.
- Integration with Microsoft Word.
- Basic reporting capabilities.
Best-of-Breed Solutions
Contract management solutions offered by best-of-breed vendors like diCarta, Hummingbird, i-Many, Ketera, Nextance, Selectica, and Upside Software deliver many additional...