A new school year brings a new wave of contracts, leaving contract administrators and procurement professionals juggling hundreds, or in some cases thousands, of contracts annually. This sheer volume of contracts brings tough challenges for community colleges such as lost contracts, lack of version tracking, and minimal visibility.
Contracts can play a crucial role in running your organization. Contract management expertise alone isn’t enough for organizational success if your team is left wading through spreadsheets and time-consuming, error-prone, manual document management processes.
Many organizations understand the potential value, positive impact, and negative impact of their contracts. They reach a point where they’re committed to creating a strategic contract lifecycle management process that’s supported with the right contract software, tools, and people.
How can Contract Analytics and Reports Improve Your Contract Management Strategy?
The key to successfully managing contracts is leveraging contract management software to increase visibility, reduce risk, reveal opportunities, and build strong relationships with counterparties and vendors. Contract analytics supports this initiative.
The challenge is that implementing contract technology to draft, negotiate, approve, sign, and store contracts is not enough. The “it” factor in contract management is contract analytics with reports that are easily accessible and user-friendly, while providing the right data at the right time to the right people.
Electronic signatures are not new to contract management, but you may be skeptical of the validity compared to a wet signature. Rest-assured, electronic signatures are just as binding as hand written signatures with the same legal clout. If you're stressed about contract deadlines and signature delays negatively impacting negotiations and your ability to close more deals, read on to find out how e-signatures can help your organization.
What is Sarbanes-Oxley?
The Sarbanes-Oxley Act (SOX) was an act that was passed in 2002 by the United States Congress to help protect investors from the likelihood of fraudulent accounting activities that were being done by different corporations. News had spread that corporate officials were filing misleading information about their financial statements and handing them over to their accounting firms after the well-known scandals. The firms that they were handing them over to were firms that they had a tight-knit relationship with and knew they would do them some favors. SOX was implemented to help standardize the accounting and contract management professions and turn bad back into good.