Contract Management was entirely carried out by the contract management professionals a few year ago and now there are many software available which are able to automate most of the manually carried out processes.
Such software are capable of contract drafting/creation, standardization, achieve compliance, review, monitoring and contract lifecycle management, in general, and can comply with the contractual obligations through tracking of performance and payment obligations, eliminate revenue leaks, avoid compliance failures and contractual disputes. Also it offers templates which are to be calibrated to suit the local requirements. However it is always necessary for a contract professional to oversee the process for any misses, errors and assurance as with software for any other purpose. Another disadvantage of depending solely on such software is the fact that it can not be used for non-standard or high-value contracts. Contract management being a critical function in an organization, it is up to the management to review and carefully study the work allocated for software, as any malfunction could make irreparable losses to its business. The saving of manhours by the use of software has to be compromised by the costs, hacking potentials, and dependencies on software and it should be an important decisions to be made by the management.