Choosing the Right Solution: CMS vs DMS
When deciding on a solution, organizations often face confusion due to the wide variety of options available. Choosing the wrong system can lead to poor automation, dissatisfaction, and wasted effort. For example, many organizations require a Contract Lifecycle Management System (CMS) for their legal teams but mistakenly select a Document Management System (DMS), which might not be as effective. This blog will help clarify which solution to choose.
Objective
- Document Management System (DMS): Used for creating, editing, storing, retrieving, and managing documents. It converts physical documents to digital versions and enables collaborative editing.
- Contract Management System (CMS): Automates the contract lifecycle from creation to execution and renewal. Features like integrated e-sign technology help legal teams collaborate and finalize contracts digitally, with faster turnaround times.
Contents
- DMS: Stores work-in-progress documents, final contracts, and related content in standard document formats.
- CMS: Includes contract templates, approvals, negotiations, obligations, and executed contracts—covering the entire lifecycle.
Collaboration
- DMS: Multiple users can collaborate on a document simultaneously.
- CMS: Collaboration occurs at the process level rather than document editing. Users can track the status of contracts, approvals, and pending stages, with templates or placeholders for reference.
Audit History
- DMS: Tracks document author, creation and edit timestamps, and collaborator access details.
- CMS: Tracks the full contract lifecycle, including who approved what, when, and at which stage.
Features Comparison
A DMS is effective for storing and managing previously created contracts, and can help with document creation. A CMS, on the other hand, manages the entire contract lifecycle, including obligations, approvals, and renewals. CMS functionality can also be customized to focus on selected lifecycle stages based on organizational needs.
Why Choose Impiger?
Impiger has extensive experience delivering end-to-end CMS solutions across various industries. We can tailor the system to fit specific lifecycle requirements or enhance your existing solution. Our team ensures that contract management processes are automated, streamlined, and fully aligned with organizational needs.
According to a survey by Forrester and Aberdeen, digitizing contract management can improve compliance by 55%. This measurable ROI makes transforming your contract management process a compelling choice. Get in touch with our experts to design a customized plan for your organization.
