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If high amounts of data is spread across multiple in-house systems such as ERP,CRM and other softwares which can be potentially integrated to the Contract Management Software, it is beneficial to have an on-premise contract management system rather than a cloud system where integrations can be limited to other softwares that you are already using.
All Contract Management Software's require essential hardware/software licenses, review this ahead of time to ensure that all costs are planned.
Good Contract Management Software deploys best of the breed security techniques including two factor/multi-factor authentication (MFA) features.