7 tips for implementing contract review software

You’re sitting at your desk, looking for the status of a contract that was sent for approval. Finding the contract itself is a struggle, and now you’re digging for the last approval email sent. The world goes gray, papers start falling around you, and the 90’s infomercial music begins: “There’s got to be a better way!” Let’s face it: whether it’s a specific triggering event, or compounded frustration, it’s time to implement a contract review software.  

Technology is designed to help us, but it’s not often that technology can stand on its own. A focused, and well-planned implementation can and will directly affect the impact of your new contract review software. Today, we’re going to focus on seven actionable tips you can use when implementing your new contract lifecycle management (CLM) technology.  

Tip #1: Establish clear objectives 

You have to start somewhere. Let’s go back to that initial triggering event or frustration. Do you have a repository problem? Maybe a workflow problem? Oftentimes that most immediate need tops your “CLM wishlist,” but is far from the only element on the list. That’s a good thing; the concept of establishing clear objectives doesn’t mean you can’t be a dreamer – that’s one of the most important parts.  

While in theory it makes sense that, “this is how the software works, and so that’s how we’ll use it.” But no architect looks at a picture of the Biltmore and says, “looks great – I’ll take one!” You have to start with a blueprint. There are factors to consider for an architect such as the climate, acreage, number of bedrooms – or in this case, contract templates, specific approval steps, or desired integrations that make each contract review software build different. 

 Without this initial plan in place, it’s easy to veer off course. The real focus here is defining the strategic goals of the broader organization and ensure those overarching business objectives are your guiding light.  

An example of these guiding objectives could be reducing the time it takes to review and approve contracts, enhancing overall contract visibility and accessibility, or maybe streamlining collaboration between legal and procurement teams. More often than not, your “north star” will correlate with your triggering event or initial need for a technology solution.  

Tip #2:  Assemble your dream team 

Jordan, Pippen, Barkley, Magic, and Bird – it won’t be the first time that a dream team has been assembled, but it might just be as important.  

Tip #2 is about cross-functional collaboration from day one. A potential pitfall in any software implementation is not thinking about how this tool might (and probably will) affect other teams across the organization. In theory, contracting seems like a legal-heavy task, but what about procurement, finance, and more? The last thing you want is to get 75% of the way through your implementation plan and realize that what you’ve built contradicts, or worse, hinders, the duties of another department.  

Your implementation “dream team” can and should be approached from two different angles. In this case, each department should be represented, but you should also search for differing personality types. While Elizabeth from IT might ask security questions that never crossed your mind, technology-resistant Joe from the legal team might help you increase adoption by empowering you to build the most user-friendly experience for the entire organization.  

Tip #3: Conduct a thorough needs assessment 

While we focused on strategic objectives in Tip #1, this is where you really dive deep. Now that you have your dream team assembled, leverage their knowledge. This process will be a lot more granular and operational than your original project plan and is designed to identify the specific needs and gaps of the contract process.  

Ultimately, you want to provide a clear, detailed understanding of what your contract review software must accomplish on a practical level. Take the time to map out the entire process with your stakeholders, identify gaps and opportunities, and get going.  

Now, does this mean your plan has to be perfect from the beginning? Of course not, and it won’t be. It’s common to discover something throughout the process that wasn’t considered initially. Now, you have a well-structured plan to ensure those initial goals always remain top of mind. Attempting to navigate implementation without these details laid out could extend project timelines, could cause you to miss important pieces, or could introduce the risk of over-engineering something if you get distracted along the way. 

Tip #4: Customize and configure your contract review software 

This is the fun part – the sky is the limit! You’ve identified your overarching goals, and gone through specific process details that are important to each member of your team. Now it’s time to get to work.  

Take the time to work closely with your implementation partner to ensure each workflow, contract template, or integration is built specifically with your organization in mind. No two organizations are the same, and it’s rare to find a technology like Agiloft that can work to mold to your processes without putting you in a one-size-fits-all box.  

This flexibility allows you to build toward and incorporate organization-specific policies. Customization empowers teams to improve processes without changing the way they do business. Ultimately this has a direct impact on user-adoption once you set your new CLM live.  

Tip #5: Ask for feedback…again 

Implementing contract review software can be a complex process, especially in large organizations with numerous stakeholders. To mitigate potential risks and ensure a smooth transition, consider a phased rollout approach.  

Start by piloting the software with a small subset of users for the included or affected departments. This allows you to identify any issues or challenges before a company-wide deployment. This also builds trust and user champions within each of your future user groups. Now, each team feels heard, having a positive impact on future usage.  

Tip #6: Train early and train often 

I know what you’re thinking – we’re talking a lot about the end users in this article. You’re right, and that’s because technology is only leveraged to its full potential, when a true process change has happened. If only half of your contract managers are sending documents through your new process, was the change even worth it?  

You’ve already been proactive by including other departments and end users throughout the evaluation and initial build process. You have also established champions across the organization. What else can you do? An emphasis on training can directly affect the ROI you see from any new technology implemented.  

It’s important to consider the different learning styles while creating your training materials. While some might prefer a step-by-step written guide that they can learn at their leisure, others gravitate towards a live demo with an in-depth Q&A session.  

Tip #7: Monitor, evaluate, and optimize 

Implementation doesn’t end once the software is up and running. To ensure long-term success, it’s crucial to monitor the performance of the contract review software regularly.  

Set up key performance indicators (KPIs) that align with the objectives that you established thanks to Tip #1. This might include contract turnaround time, error rates in review, compliance levels, and more.  

In addition to monitoring performance, establish a process for continuous improvement. Encourage ongoing feedback from your users and be prepared to make iterative changes to the software configuration, workflows, or training programs. The legal and contract management landscape is constantly evolving, so your software should be adaptable to new challenges and opportunities.  

Conclusion 

Successfully implementing contract review software requires careful planning, clear communication, and ongoing commitment. Remember, the goal is not just to implement new software, but also to create a more efficient, compliant, and streamlined contract management process that drives value for your business. With the right approach, your new CLM can become a powerful tool in your organization’s arsenal, helping you manage contracts with greater accuracy, speed, and confidence.  

For more advice on how to get your contract review software up and running, check out our 5 tips from Agiloft implementation champions.