5 Things To Consider When Choosing Redline Software
Redline software can be a great addition to your company. But with so many options available in the market, choosing the appropriate software becomes a bit tricky. It isn’t necessary that only expensive tools can serve you the best. Sometimes a simple and affordable option can yield better results for an organization. Therefore, you must select the tool wisely before adding it to your tech stack.
When it comes to redline software, there are a few things that you should always keep in mind. This article will guide you on what to consider before investing in the redline tool for your company.
What is Contract Redline Software?
Contract redlining software digitalizes the practice of contract redlining and negotiation. It also allows digital collaboration between the parties on a single cloud-based forum.
For contracts, redlining means editing and making changes to the documents. Traditionally, companies achieved it by using a red pen on paper. Each party views these changes and decides to accept or reject them. The contract moves forward to the process of signature after the redlining process.
Now, this task can be done in a browser with real-time participation of teams through redlining tools.
Challenges Associated With Contract Redlining
Redlining is a crucial step in contract management. However, there are certain challenges associated with contract redlining.
- Teams should actively track changes, or the previous revisions might get lost, leading to confusion.
- The document becomes hard to read as the number of revisions increase
- A messy document can lead to overlooking of minor errors and formatting mistakes
- Sharing static documents back and forth creates frustration and reduces the speed of work
- Different versions of the same document, such as a Word file, can result in broken formatting
- Lack of integration among multiple platforms lowers the work efficiency
A contract redlining software has the potential to overcome all the above challenges of metadata, formatting, compatibility, tracking changes, and reading clarity. The redlining tool provides automatic tracking, live collaboration, and a cloud-based server. Therefore, you can optimize your workflow using a suitable redlining platform.
What to Consider While Choosing Contract Redline Software?
You should consider the following features in redlining software before finalizing it.
Information security is the first thing to consider while relying on any document redline software. Any software without the appropriate security measures can cause the likelihood of a breach of confidentiality. Therefore, redlining software must ensure adequate safety measures to reduce the risk.
You can check if your redlining program employs security methods. It can include SOC 2 certification, Type II. The management software should also have complete data encryption. Preferably, you should use Google Cloud to host information and test any vulnerabilities.
You might also want to consider the software that complies with the GDPR requirements.
Overall, redlining software should provide support and ease of use in contract management. If the software lacks this essential requirement, it might not be the best redlining software.
You need to choose the redlining software that simplifies even complex contract-related tasks. For example, the software should have workflow tools to organize every document.
You should find a platform that enhances the user’s experience with the application. Features such as drag-and-drop, template saving, tagging un-filled fields, adding signers and approvers, etc., help to streamline the contracts. So, a good redlining platform would have all or most of these tools.
Further, it would be best to consider the redlining tool that offers the best customer support. Ensure their support team is ready to assist whenever you need them. You can also collaborate with them to implement a customized management plan for your team.
You should also consider the cost of the redlining software to get the maximum benefit without any loss. Primarily, the price of the redlining application needs to be justified by the company’s use of the product.
When choosing a pricing plan, it always comes down to the cost vs. usage criteria. The platform that matches your scale of operation and offers a compelling price for it is the best choice. Suppose you are a large organization and have to deal with multiple contracts daily. In that case, you should choose a solution that caters to a broad contract arena.
However, a small organization should consider a simple and cost-effective program. So, it would not pressure the company’s ROI and enhance its efficiency.
While choosing the redlining software, remember that a mismatched platform can bring more expenses than sales. Therefore, consider the cost carefully before taking a final decision.
Also read: 7 Best Change Management Tools for Success
4. Integrations With Other Tools
As mentioned, a redlining tool should enhance contract management’s speed, quality, and precision. It is only possible if your chosen program integrates with all your applications.
Integration with other platforms is a crucial component that you shouldn’t miss. Ensure that the contract redlining software is flexible and has a public API (application programming interface). The typical work-related tools such as One Drive, Google Drive, Dropbox, and Adobe Sign should work seamlessly with the software.
Better integrations are a significant factor to consider as it produces smooth workflow and reduces delays.
5. Real-time Collaborations
Consider redlining software that makes real-time collaborations easy, so every team member is on the same page. It should be able to organize and store contracts in a unified space regardless of the file type.
With the centralized approach, teams have greater access to the contract and related documents. They can review, edit, amend and track changes in any file without back and forth file sharing.
It is best if the platform also offers an internal chat feature for the users. The team members should be able to redline documents simultaneously while reviewing the current version of it.
Redline software is the best choice for companies who want to remain ahead in the competitive digital world. A good contract redlining software can help to manage all your contracts in a combined space.
When finding the right redlining solution for your company, you should consider some main factors. It includes secure operation methods, ease of functionality, product pricing, seamless integration, and effective collaboration.
Make sure you choose the redlining tool that propels your business forward and eliminates complexity. Ultimately, it’s all about efficiency and results.