Key Differences: Document vs Contract Management System

As businesses grow, so does the need for efficient and effective management of documents and contracts. However, it's important to understand the differences between document management systems and contract management systems in order to make the best decision for your specific business needs. Document management systems are designed to store, organize, and retrieve documents such as invoices, receipts, and emails. These systems typically have features like version control, search capabilities, and secure storage. On the other hand, contract management systems are specifically tailored to manage contracts throughout their entire lifecycle. This includes features like creating and drafting contracts, tracking deadlines and milestones, and facilitating collaboration between teams. While document management systems may offer some contract management capabilities, they lack the specialized features and functionality of a dedicated contract management system. For businesses that have a high volume of contracts with complex terms and conditions, investing in a contract management system is crucial. At Dock 365, we offer an all-in-one contract management software built on Microsoft 365.