Contract managers are under increased pressure to deliver value with reduced contract risks, decreased contract costs, and improved contract performance. When you regularly measure the success of contracts against contract management KPIs, you can proactively readjust your contract strategy to ensure goal alignment drives critical and positive organizational impact. Read on to learn how contract management software can help maximize three important contract management KPIs for success.
The 3 Contract Management KPIs for Success
Reap the Rewards of Post Award Contract Management
Government contract management is divided into three stages: procurement or acquisition planning, sourcing, and post-award contract management.
The first two stages have had the most focused time and financial investment for improvement. This approach leaves post-award management as a secondary duty for contract officer representatives (CORs) and contract managers within legal teams. Consequently, they are left unsupported for compliance, risk management, and opportunity realization.
Arguably, contract processes after acquisition and sourcing are the most crucial stages for public-sector and private-sector contract managers. However, these stages notoriously lack proper visibility and resources. This article will address the challenges and present actionable post-award contract management best practices with the help of contract management software.
Contract Tracking: Mastering Contract Management Series
This blog post was updated on March 9th, 2022. Its original publication date was February 4th, 2019.
Contract tracking can be a significant challenge for legal teams, contract managers, and other industry professionals. Manual contract management processes may suffice for organizations with low contract volume and contract complexity. However, when the number of contracts increases to hundreds, thousands, and beyond, contract failure rates increase exponentially. Read on to learn how to master contract tracking with leading contract management software.
9 Must Read Contract Management Resources for Spring 2019
ntractCobbleStone Software supports contract management, procurement, and legal professionals by releasing content to help you improve how you manage contracts. Whether you are managing ten contracts each year for a small business, or 100K contracts or more each year for a Fortune 500 company, we’ve created resources to supplement your contract management training and education, so you can be successful in your role and get the most value out of your organization’s contracts.