CobbleStone Software will be exhibiting and presenting Contract Insight®, our award-winning legal document management software at ACC’s Annual Meeting at the Phoenix Convention Center October 27th-30th. The Association of Corporate Counsel’s can’t-miss event is considered the “world’s largest gathering of in-house counsel.”
October is a perfect time to reflect on 2019 so that we are positioned to strategically plan and align our goals for 2020. This year has been very exciting for contract management, with digital transformation shifting from a concept to a well-thought-out strategy that is being leveraged to increase the value and positive organizational impact that contracts can bring.
At CobbleStone Software, in addition to providing leading contract management software, another one of our goals is to provide content that helps educate our readers with best practices and the latest news around contract management and procurement. I’ve looked back at some of our most popular articles of 2019 and in this article, reveal 2019’s 5 hottest contract management topics.
Contract managers, contract administration professionals, and corporate legal teams struggle to show clear contract management ROI to executive leadership within their organizations. This struggle to show value is not isolated to one contract management challenge, but rather, it is a conglomeration of issues with manual contract management systems, lack of communication, and misaligned goals. For organizations managing hundreds or thousands of contracts each year, the bottom line can be hit from multiple angles from increased costs to decreased revenue to lost time to missed opportunities to increased risk. This article analyzes the root causes of missed ROI and presents a strategy to get the most value out of contracts.