IACCM Contract Management Forum

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2015-06-19 12:59:43

Contract Management System search

In the market for a new contract management software system and considering Novatus, Contract Logix, Cobble Stone Systems, Agiloft, Merrill Datasite and Selectica. Any comments pro or con on these systems?
 •   2015-06-19 14:46:33
The suppliers on your list offer quite varied solutions, so I wonder what your real requirements are? From my experience, Selectica and Novatus are probably the most 'sophisticated' in terms of functionality, which is good if you see your requirements expanding over time.
 •  New Zealand Defence Industry Association (NZDIA)  •   2015-06-23 05:21:21
This is a very hot current topic amongst members around the world. I am looking forward to seeing what members have to say. I agree with the comment below about starting by having a clear understanding of the performance and outcome you are wanting. That will not always be obvious. A system that captures data that demonstrates the value delivered by the CM/Legal Functions might be a good discussion topic.
 •  DealSafe, Inc  •   2015-06-24 13:51:22
Depending on your desired functionality, you may want to look at DealSafe.co - it's a newer solution, but is quite flexible and also comes with experts to extract key terms from your contract right into their databases. They are invite only right now, apply at DealSafe.co
 •  Merrill Corporation  •   2015-06-25 05:24:10
Your choice of solution really depends on what you are looking for. Merrill DataSite offers a flexible and customisable solution - feel free to get in touch if you would like to learn more.
 •  Symfact  •   2015-06-25 09:26:09
I would concur with the other comments about first understanding what your needs are before talking to any of the CLM providers in the marketplace. You will find that the 20 CLM providers (including my employer, Symfact Inc.) on the IACCM website are a pretty good representation of what's available in the marketplace. However, you need to be aware that each of these vendors-including Symfact-perform certain functions better than other functions. So it is important for you to do some screening based on your corporate and organizational needs. I have provided a list items below that you may want to consider as functional/operational requirements for your organization. This certainly may not be an all-encompassing list, they are just the ones that off the top of my head, but it certainly is good start for you to perhaps use.
You could consider sending out this list to the vendors that are in the IACCM Service Directory list and get them to provide you with a sentence or two on each item. Also ask them to list the top five items that they do best and then compare their top five items to the top five requirements (don't initially disclose this to the vendors) that you have/need. By taking this approach you will be better able to create a shortlist of vendors that are geared toward your needs. From there you can these shortlisted vendors have them provide a demonstration of their system so that you can see it in action performing the tasks that you need to effectively manage your contracting process.
List of requirements to consider:
- Contract authoring: do you use a library of clauses and templates as well as third party paper or do you simply want to attach a completed agreement onto a Contract Record? Also, look at what version of MS Word is used internally by contract authors.
- Version control: is it important to maintain the versions of the contract as you go through the internal collaboration and the external negotiation of the agreement?
- Workflow: do you have approval workflows that are based corporate policies and procedures or perhaps based specific business rules such as monetary value, contract type, location, etc.?
- Infrastructure: are you looking for hosted or an on-premise installation?
- Technology: do you have any corporate architectural standards (i.e. database or platforms) that need to be adhered to?
- Integrations: do you need to integrate to your CRM, ERP, AD, SSO, or other line of business system?
- Licensing: do you have a preference or need for an annual license (operational expense) versus a perpetual license (capital expense)?
- E-Signature: is this something you may need now or want to have available for the future?
- Data conversion: do you want to migrate you existing contracts (data and documents) to the new system?
- Request forms or wizards: is this something you need to start the contract process?
- Contract Types: what types of contracts do you want to manage: buy-side, sell-side, non-monetary, etc.? For data you wish to track, how much does it vary by Contract Type?
- Tracking: do you need to track financials (spend and/or revenue), commitments, performance or KPI's, etc.?
- System configurability: are you looking for an out of the box tool or one that can adapt to your needs over time?
- Users: Based on your various system users, how much control do you need over who can read and/or modify information across the system?
- Obligations: do you need to link specific text in the contract to an identifiable obligation that is actively managed during the life of the contract?
- Clause Tracking: is there a desire to track the degree of change that you standard clauses undergo?
- Related agreements: is there a need to see what amendments, SOW's, Task Orders, or other types of subcontracts are linked or related to an agreement?
- Searching: what are your searching and reporting needs? Do you need full-text searching?
- Repository only: are you looking for a simple repository that contracts can be loaded into?
- Remote access: do you need to access contract data via mobile devices? If so, what kind of data would need to be accessed?
- Multi-language/multi-currency: will the system be used in different parts of the world?
- Security: what type of user access and permission controls do you need?
- Governance: are there other governance or compliance items that are important to your organization?
 •   2015-07-17 14:13:55
Important point to consider is why you are in the market for an external solution. Is the focus primarily for the professional's benefit, are you trying to manage teams or processes, performance of data analysis, compliance, etc. As a user of Selectica, I find the data input a bit time consuming, burdensome, and of pretty limited value in the creation of terms that are often somewhat standardized for many services. From a management view, it is a rare organization that has the time to carefully analyze and assess data, so there may be value, but time is the limiting factor. Anyway, it depends on what you think you want to achieve.
 •  DealSafe, Inc  •   2015-07-17 15:10:39
I'll throw it out there again, but DealSafe.co automatically uploads key terms for you. Let's you create very flexible reports, so you can manage the large number of demands you have from your deals.
 •  Sysintellects LLC  •   2015-07-20 14:52:16

I trust you are doing fine.We would be happy,if you could share your email & we would be glad to demonstrate our solution.

 •  DealSafe, Inc  •   2015-07-20 15:28:58
Hi Rashid, I would be interested. Best. John
jmfoxjr [at] gmail .com
 •  Schweitzer Engineering Laboratories, Inc.  •   2015-07-23 10:47:01
Thank you for all the responses. Dan - very helpful in articulating and dialing in on some of our requirements.
 •   2015-07-30 15:24:36
SAP (Ariba); IBM (Emptoris), Upside, 8over8 (Procon); Contiki... all other alternatives. Depending on the main drivers each of these or other solutions may be the best for your need. It's critical that you understand the pros/cons of each solution. There are a lot of offerings in this space; the right fit for one company/industry may be a horrible choice for a different company.
 •  Agilent Technologies  •   2015-09-08 09:19:35
Hi all,
Do anyone knows which software has a good authoring and clause library functionality? We are looking for a pretty robust system, which we are able to work with legacy contract and manages complex clauses conditions.

 •  Symfact  •   2015-09-09 10:22:56
Hello Liane, Symfact does have a very robust tool for contract authoring. Directly from MS Word you can easily search for clauses contained in the Clause Library, Template Library, or in legacy contracts and copy them into a new contract. Symfact also has some very configurable tools to tag and track specific components of a clause (i.e. textual, compliance, financial, obligations, etc.)that you need to manage. If you would like to learn more about what we have to offer please contact me at dan.townsend@symfact.com.
Thank you.
 •  West-Lewis Consulting  •   2015-11-04 09:49:21
In 2015, Agiloft won the Editors' Choice award for best contract management software from PC Magazine.
Read pros and cons at blog.whatasoftware.com/contract-management-software-agiloft-contract-management-suite/
 •  Loyal Brands  •   2015-11-16 12:12:25
Dan's comments below are on the mark. With a clear understanding of your own needs, you can align with the provider that delivers the most value. I was involved with a detailed selection process, then followed through with the implementation on Selectica. Aptus was a close second. Getting the right support team in place (internal and vendor) will prove invaluable in the long run.
 •   2015-11-16 12:20:19
Implemented DealSafe.co - very easy to use, lots of reporting functionality, they even provide paralegals to do the contract data extraction and metadata work. Highly recommend
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