The contract management process has evolved drastically over the years. Managing contracts with obsolete methods is sure to make your organization fall behind. Luckily, you can automate contract lifecycle management with a contract database within contract management software. Let’s explore how a contract management database can take your contract management or legal team into the future.
Gathering signatures for a contract or agreement can be difficult without the proper tools. Outdated and slow signing methods can cause signature bottlenecks that delay contract execution. What’s more, high costs for wet signing and postage can decrease your bottom line.
As contract management continuously evolves amidst ongoing digital transformation, it's important to pursue smart goals that can keep up with the times. Rather than fall behind with manual contract management processes that require disparate tools - such as email, spreadsheets, and shared drives – read on to see how you can leverage future-minded contract management software tools to fulfill your contract management goals successfully.
Gathering contract signatures can be a challenging task, especially when working with multiple signatories in various locations. Signatures finalize contracts and propel their execution. This highly anticipated step can be delayed with manual processes that include scanning signed documents, emailing scanned contracts, signing with wet signatures, mailing contracts with wet signatures, and reorganizing signed contracts in shared drives - to name a few. Moreover, specific signatures can require notarization, which can further delay the signing process. Read on to learn how eSignature software within contract management software can make contract signing quick and easy.
Contract review is a crucial contract management stage. Unfortunately, far too many organizations overlook this process or leverage out-of-date methods. Tragically, contract evaluation process oversight can result in:
- missed key dates and obligations.
- overlooked opportunities.
- contract language and clause mistakes.
- and other painful consequences.
Thankfully, we can establish a contract review checklist and manage the life of a contract with leading contract management software. Let’s get started.
Contract authoring is essential. An inefficient process can hinder organizations and result in error-prone contracts with missing or misplaced clauses.
Additionally, overlooked key dates and milestones and a confusing process can stall the contract lifecycle. Luckily, leading contract management software can provide intelligent authoring. Read on to learn how to simplify and modernize the contract writing process.
The age of legal operations digital transformation continues in 2023, with even more exciting digitization tools for business process automation available. The more contract administration tools available to legal teams and contract administrators – however – the easier it is to fall behind. With that said, let’s examine six tips for effective contract management in 2023 to get ahead with contract management software.
Contractual compliance management can be challenging when leveraging primarily manual methods, such as spreadsheet management – especially when tracking multiple contracts with varying compliance standards. Fortunately, contract lifecycle management (CLM) software tools can help you retain contractual compliance. Read on to discover how you can streamline three key contractual compliance management areas with leading contract management software.
A study examining the reasons for contract management process failure found that key indicators of contract mismanagement include (among others) poor contract lifecycle planning and scheduling, late or improper contract submission and approvals, weak leadership, and lack of counterparty collaboration and communication (Mohamed, Norazida, et al., 2019). Luckily, with leading contract management software and the proper contract management services, your organization can streamline contract management, decrease risk, increase revenue, and much more. To that end, let's examine our top eight contract management services for more robust contract lifecycle management.