5 Myths about Contract Management…Debunked

By Karen Howe

Myths and falsehoods about our national leaders have always freely circulated and those associated with George Washington and Abraham Lincoln have proven to be particularly persistent. Who hasn’t heard the tale of Washington chopping down the cherry tree, or that his false teeth were made of wood, or that Abraham Lincoln wrote the Gettysburg Address on the back of an envelope? They make for interesting stories, but none of them are true. *

Equally untrue are these myths we at Contract Logix hear about contract management software. So, let’s debunk these myths about contract management software and see why Contract Logix’s solution, with its secure cloud storage, intelligent data management, and targeted features can set you on the path to success.

Myth #1: There’s nothing wrong with using Excel spreadsheets and shared folders to manage contracts. Think again. With contracts scattered all over the place you may not know what you have or how to easily access them, and a spreadsheet can never take the place of an intelligent and flexible solution designed specifically for contract management. The good news is if you are using spreadsheets to manage contracts, it’s a piece of cake to get that data in our system and working for you.

Myth #2: Missing key contract dates isn’t a big deal. Wishful thinking. Failure to review your contracts in a timely manner can put your organization in a perilous position if you fail to meet compliance requirements or could cost you money if you miss a renewal deadline for a contract you intended to cancel. With Contract Logix, you can set unlimited (and automated) in-system and email alerts to keep you compliant and up-to-date. You’ll never miss another milestone.

Myth #3: Cloud storage isn’t secure. Wrong. Contract Logix takes the security of your contracts VERY seriously and employs all the most up-to-date security policies and technologies, like data encryption at rest (AES256) and in transit (TLS 1.2), vulnerability and penetration testing (NIST 800-171), Azure Key Vault encryption key management, and more to ensure your contracts are protected. And if you factor in modern security features like role-based and feature-based permissions and electronic signatures then it gets even stronger.

Myth #4: Electronic signatures aren’t legal or safe.  Incorrect. Since 2000, electronic signatures have been recognized both federally and on the state level as having the same legal standing as “wet signatures”. Plus, electronic signatures are tamper-proof, and every step of the signing process is recorded in a detailed audit trail, making them an ideal solution for integration with a contract management system like Contract Logix’s. They’re also way more user-friendly for your signatories who will love being able to sign on the road via a smartphone.

Myth #5: You need an IT department to administer your contract management system. Not so. The easy-to-use configuration and administration tools in Contract Logix can be used by just about anyone in your organization. In fact, we encourage our customers to look beyond the IT department and appoint users from the business side to get directly involved. We find it makes for a much better user experience and allows your business to configure the system to your specific needs and capture the data that will result in better strategic insights.

Takeaway

So, if you want to learn the truth about our presidents, there are plenty of well-written and well-researched volumes you can refer to.  If you want to learn the truth about Contract Management Software, contact us. We’ll be happy to set the story straight about these and other myths about contract management software.

Just grab 30-minutes to discuss your needs.

*The cherry tree incident was made up by a dishonest early biographer; his false teeth were made of (gulp) human teeth, and scholars agree that Lincoln did NOT write it on an envelope in the train on the way to speak.

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