Contract Insights

Contract obligations are – to put it simply – the contractual commitments that parties involved in a contract have agreed to entirely satisfy.  Successful contract obligation management requires organizations to ensure that they have met the obligations agreed upon in a contract in a timely manner.  Unfortunately, manual contract management methods can make the contract lifecycle – which includes contract obligations – confusing, disorganized, decentralized, and almost impossible to handle properly.  As such, key dates, milestones, payments, deliverables, and more can be missed.  Thus, organizations should avoid the pitfalls of contract management by ditching manual and outdated contract administration processes in favor of robust, user-friendly contract management software.

Throughout the contract lifecycle, organizations need to keep track of an abundance of data, people, and processes related to contracts.  Searching and reporting on contract lifecycle management, financial data, budget information, contract workflow processes, contract management KPIs, departments, vendors, bids, compliance, and more with a manual process is virtually impossible - especially as contract complexity and contract volume grow.  Luckily, organizations can leverage contract management reports by using contract management software to make these processes a breeze.  Here's how contract management reports can improve CLM processes.

Managing and overseeing contract risk factors can be difficult, stressful, and time-consuming.  Manual contract risk assessment can cost organizations money and time and lead to costly and potentially disastrous instances of contract mismanagement.  Organizations do their best to diligently track contract risk factors, including potentially negligent clause language.  However, contract risk management can prove overwhelming when dealing with multiple deadlines and stakeholders.  But all is not lost; there is a solution: contract management software.  Read on to learn how to use a contract management risk and opportunity assessment tool to decrease risk and increase your bottom line.

Procurement departments can encounter detrimental issues without the proper procure to pay software solutions.  Improper procurement planning can bring about unnecessary risk, dark purchasing, deleterious data inaccuracies, harmful supplier issues, and a procurement cycle that is rife with bottlenecks.  Procurement teams should not have to be bogged down by wasted time, missed opportunities, and misallocated procurement resources due to disorganized and lackluster procurement planning and execution.  They can instead streamline and simplify the procurement process with procurement software as a service integrated with contract management software.  Here's how to overcome procurement challenges by reaping the benefits of leading procurement software.