Criteria for choosing an ECM solution

1

Ensure the solution has the scope to expand to all types of contract-even if you are only initially planning on automating one type, such as sales contracts. Start small, think big. Companies that have reported the most success are those which have started small with focused implementations covering complex spending categories like facilities or real-estate, complex service agreements, R&D contracts and intellectual property.

2

Without modifications to the source code the system should, via configuration, be flexible enough to:

● Support all your contracts and end-to-end processes be they contracts, agreements, terms and conditions, warranties, projects, deals, mortgages, loans, insurance policies, intellectual property rights, licences, leases or assignments.

● Evolve with future requirements and expand with the enterprise.

● Cope with development of new types of contracts and new regulations.

3

The repository is the key. Make sure it is comprehensive:

● You need to be able to maintain complex relationships with all your contractual counterparties-including customers, suppliers, partners, intermediaries and advisors. This means support for hierarchies of contracts with multiple dependencies and many-to-many relationships with role-based participants.

● It should store not only documents but also e-mails and comments that are important to interpret the contract (they can also be binding).

● It should provide a comprehensive audit trail.

● Security means being able to limit access at a contract level.

4

Ensure it can support you globally dealing in multilingual and multi-currency contracts.

5

Check it complies with corporate IT objectives such as using an open scalable Internet architecture like Microsoft.NET or J2EE.

6

Ease of use is critical. Key users such as legal and finance are not necessarily "IT-savvy." A bank we spoke to emphasised the importance of staff adoption-"people will do the easy thing". Their point was that ease of use was not just desirable but essential if the system was going to be used. They went on to explain, "of medium and low-spend contracts, only 20% make it to the [central] filing cabinet at present".

7

Ensure that the software vendor has a relevant track record of success-and is it involved in the project alongside the integrator.