NetSuite Contract Management Software 101: A Complete Guide

The biggest business benefit of using NetSuite Contract Management solutions is improved efficiency by automating all tasks involved in contract management. If not, contract management would require copious human effort to create and track reports and manually analyze reports. Automating these tasks allows employees to focus on productive tasks such as contract negotiations and managing partner relationships, resulting in better future contracts, especially in the manufacturing industry. 

NetSuite CM acts as a centralized database for all contracts. This provides improved visibility into the status of contracts and allows for efficient management and tracking while always remaining compliant with regulations. This solution can ensure that all partners are compliant with the terms of a contract and take corrective action swiftly when needed. NetSuite CM can give businesses the peace of mind they desire when it comes to contract management and renewals. 

Businesses seek specific contract management features when selecting the right solution. Here are the common features of contract management software to look out for:

Contract Creation

NetSuite CM provides all the necessary tools to create any contract with user-friendly templates that can be edited easily. Later on, contract renewals and approvals can be automated without needing your staff to intervene. This will instill continuity of business partnerships for uninterrupted services. 

Contract Management

This solution can help businesses manage contracts throughout the contract lifecycle and automate alerts for expiration dates and renewals. It can also generate reports to gain better insight into your contract portfolio.

Contract Analysis

It is important to identify risks and opportunities for potential gain proactively. NetSuite contract management solutions can do this by allowing businesses to track contract performance and allow for more informed decision-making. 

Collaboration

Multiple departments within your businesses can contribute to making contracts with NetSuite CM. Businesses can seamlessly share contracts, track changes, and seek approvals from relevant parties with automation.  

NetSuite Contract Management software provides a convenient platform for businesses to manage all contracts efficiently. Getting started with NetSuite CM is a smoother process than you think. First, you will have to select the right contract management plan that will fit your needs. This will factor in the number of users that will need to access the system and the features that will be used to improve business processes. NetSuite offers three tiers of plans: Essential, Professional, and Enterprise depending on the complexity of the task. Businesses will need to involve key stakeholders in the decision-making process and agree on a subscription plan that can grow alongside the business. 

Once the perfect plan is selected, businesses can set up a new account to access NetSuite’s cloud-based contract management platform and activate it immediately. You may import any existing contracts to streamline contract management of existing accounts while creating new contracts via NetSuite’s platform. NetSuite supports various document formats to make the transition smoother for all users. 

NetSuite offers the necessary training resources to streamline the transition to its platform. Businesses can opt to implement online courses, webinars, or even in-person training from professionals to learn the right way to use the system. This can improve employee adoption and ensure that your contract management solution will be utilized to its fullest capacity. 

There are several integration methods for implementing NetSuite CM software. Businesses can choose to use NetSuite’s RESTful API to integrate with other critical business systems. This can help automate all contract management tasks related to other business solutions. 

To integrate NetSuite Contract Management software with another system using an API, you will need to:

• Identify the APIs that you need to use.
• Generate the necessary authentication credentials.
• Write the code that will interact with the APIs.

NetSuite also features several partner SuiteApps that can seamlessly integrate with their CM. This structure supports other popular vendors, such as Salesforce and Oracle, to manage all contracts under one solution. To integrate NetSuite CM with another system using a SuiteApp, you will need to:

• Find a SuiteApp that meets your needs.
• Purchase and install the SuiteApp.
• Configure the SuiteApp to connect to the other system.

Custom integrations are another option for businesses looking to implement NetSuite CM. This method is more extensive than the others, requiring sufficient coding expertise to implement. Businesses can choose their preferred method of data transfer, such as APIs, file transfer, or establishing a direct database connection using code to interact with the two entities. Once the integration is complete, you can enjoy NetSuite Contract Management software's benefits. 

Integrating NetSuite CM with other business solutions will ensure that there are fewer inconsistencies or errors between the systems and help reduce contractual risks. This can also ensure that businesses regularly comply with the latest rules and regulations without having to attend to the task manually. Businesses will have to choose a convenient implementation method by assessing the risks and available resources. Smaller businesses using an existing contract managing system can use NetSuite’s API or seamlessly integrate it as part of their SuiteApps.  

Now that you have had time to analyze the benefits and features of NetSuite Contract Management software that enable businesses to stay on top of contract management consider if the solution is right for you. Involve key stakeholders in the decision-making process and invest in streamlining contract management. With efficiency and compliance, NetSuite CM is a comprehensive contract management solution. Compare NetSuite Contract Management software with other products to learn the difference.