Top Features to Look for in Contract Management Software
Choosing the right contract management software for higher education means understanding which features will address the unique challenges of your institution.
Below are the top features to look for when selecting a solution:
- Automation of Contract Workflows: Automating contract creation, approval, and renewal processes can drastically reduce the administrative burden on staff.
- Compliance Tracking and Reporting: Higher education institutions face strict regulations like data privacy laws. A contract management solution should provide real-time tracking and alerts to ensure continuous compliance.
- Secure Document Storage: Contracts involving students, faculty, and vendors often contain sensitive information. A robust system should ensure data encryption and secure storage to protect these documents from unauthorised access.
- Customisable Workflows: Different departments, such as admissions or human resources, have unique contract needs. A good platform allows for customisable workflows to meet the specific demands of each department within the institution.
- Integration with Existing Systems: Universities rely on various systems such as Student Information Systems (SIS) and financial management tools. Your contract management software should integrate seamlessly with these systems to ensure data flows smoothly across platforms.
1. Lexagle - Tailored Contract Management for Higher Education
Lexagle sets itself apart by addressing the real, day-to-day challenges of contract management in higher education. Whether it's handling student agreements, faculty contracts, or vendor deals, Lexagle simplifies the entire process. It automates tedious tasks, ensures compliance, and reduces legal risks, seamlessly integrating with the systems universities already use.
Key Features
- Automated Contract Lifecycle Management: Lexagle automates the creation, approval, and renewal of contracts, reducing administrative overhead.
- Custom Workflows for Educational Institutions: Lexagle tailors workflows to fit the needs of different departments, from admissions to procurement.
- Real-Time Compliance Monitoring: Lexagle provides real-time alerts to ensure contracts meet legal and regulatory standards, reducing non-compliance risks.
- Secure Document Storage: Lexagle encrypts and securely stores all contract-related documents, protecting sensitive information.
2. Formstack
Formstack offers a practical solution for automating everyday contract tasks like student registration and document management in educational settings. Its focus on streamlining simple processes makes it an excellent choice for making digital contract workflows for schools quickly.
While Formstack excels in simplifying processes, Lexagle offers enhanced flexibility for institutions that require more advanced contract lifecycle management and the ability to customise workflows across multiple departments.
3. DocuWare
DocuWare's ability to keep universities compliant with legal and regulatory standards makes it a solid choice for those looking to prioritise risk management. It provides reliable document tracking and audit trails, which are essential for maintaining regulatory compliance.
While DocuWare is effective for compliance in education contracts, Lexagle offers similar capabilities with great adaptability in contract workflow automation, enabling smoother management of varied contract needs across departments.
4. Dock 365
Dock 365 is particularly strong when managing contracts related to vendors and faculty, with tools that streamline the approval process and contract tracking. It offers dependable features for universities primarily focused on faculty and vendor contract management.
While Dock 365 excels in these areas, Lexagle complements these features by providing a unified system that supports a wider range of contracts, including student agreements. This makes Lexagle a flexible option for institutions looking to manage various contract needs throughout the institution.
5. Ironclad
Ironclad is a solid contract management solution, particularly for organisations with a legal focus. It offers features like contract visibility, automated workflows, and customisable templates that streamline the management of student agreement contracts and help reduce compliance risks.
While Ironclad is well-suited for legal departments, Lexagle provides additional flexibility with custom workflows that cater to a wider range of contracts, including student agreements and vendor partnerships. This makes Lexagle a versatile solution for higher education institutions looking for a more comprehensive solution for university use.
Best Practices for Contract Management in Higher Education
To get the most out of your contract management solution, consider the following best practices:
- Train Your Staff: Ensure that all staff members involved in contract management understand how to use the software effectively. This will help reduce human error and maximise the benefits of automation.
- Automate Wherever Possible: Automation reduces manual work and ensures that contracts are managed consistently, reducing risks in education contracts and the likelihood of missed deadlines or non-compliance.
- Monitor Compliance: Regularly audit your contracts and processes to ensure your institution complies with legal and regulatory standards.
Why Lexagle is the Best Choice for Higher Education Contract Management
Education contract lifecycle management is complex, but the right software can simplify the process. Lexagle, with features like automation, secure storage, and compliance tracking, helps universities manage contracts efficiently, allowing them to focus on education.
Looking to enhance contract efficiency and ensure compliance without the hassle? Lexagle provides the perfect solution, helping universities stay on top of legal requirements while speeding up the entire contract lifecycle. Discover how Lexagle can transform your institution’s contract management—book a demo today.
