Contract Insights

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.

2021 has arrived, and with it comes new innovations to your contract management software processes.  Keeping this in mind, we have outlined six critical contract management tools that your organization should equip itself with to stay ahead of future-minded contract management best practices in 2021 and beyond.

In order to get started with improving contract lifecycle management, there first needs to be an understanding of what exactly the contract lifecycle is - as well as how it progresses.  To that end, we have provided an illustration that shows the stages in the life of a contract - as well as descriptions that give more insight into how each stage involves and can be managed with contract management software!