Spreadsheet-driven contract management processes are error-prone, time-wasting, inefficient, disorganized, and lacking in security. Such practices should stay in the past; contract management professionals should begin 2024 with practical, centralized, user-friendly, and scalable contract lifecycle management solutions.
Low-cost contract management involving spreadsheets may seem like a good idea at first, given the fact that it provides a base level of control over contracts and seems cost-effective for organizations with a small number of contract records. However, once the number of contracts managed per year reaches hundreds or more, organizations reach a point at which spreadsheet-based contract management no longer suffices – potentially leading to detrimental consequences regarding transparency, security, compliance, productivity, and accountability.
Although investment in cutting-edge and advanced contract management software may initially seem substantial, the long-term positive effect on organizations makes it clear that the spreadsheet approach to contract management will be much more costly in the long run.
Thus, organizations should step into 2024 with contract management software that reduces cost, unifies and secures contracts, streamlines operations, expedites compliance, and saves valuable time.
Contract workflow management involving spreadsheets is an outdated process that necessitates contract managers to oversee every stage of the contract lifecycle to verify that all involved parties are completing their assigned tasks. Delayed task completion on the part of anyone involved brings contract lifecycle workflow to a screeching halt, forcing entire teams to wait for the fulfillment of tasks.
Additionally, overseeing contract changes, key dates, milestones, and employee task performance on a shared spreadsheet or a cluster of spreadsheets leaves a lot of room for data entry mistakes – possibly leading to error-filled contracts and a lack of employee accountability.
Contract managers must leave spreadsheet-driven workflow management behind and adopt a more efficient system for 2024 and beyond.
Software that offers automated contract workflows reduces contract lifecycle delays because it engages the right people at the right time with features such as automatic alerts, unlimited contract notifications, and task reminders. With intelligent workflow automation, contract managers can leverage user-defined fields, contract process management, audit trails, reporting and analytics, and more.
Contract management professionals can easily keep track of the entire contract lifecycle with features such as contract collaboration, negotiation, and approvals. Automatic alerts assist contract management and legal teams in meeting key dates and milestones – up to and including contract renewals. Moreover, documented audit trail history delivers a comprehensive, up-to-date record of contract changes.
Reduce contract approval cycle time by overcoming bottlenecks, centralizing contract lifecycle management, and promoting accountability with intelligent automated contract workflow.
Manual contract tracking involving spreadsheets obstructs an organization’s ability to achieve its financial goals, lacks proper security, and leaves organizations at operational and regulatory risk. Such inadequate tracking is harmful to organizations hoping to get the most from their contracts because spreadsheets lack:
As a consequence of contract tracking based upon the use of spreadsheets, contract-to-close timelines change, contracts are left disorganized and unaccounted for, audit trails are substandard, and the need for rescheduling arises – leading to contract lifecycle bottlenecks and wasted time.
Trusted contract management software furnishes contract management professionals with advanced contract tracking features such as approved clause libraries and templates for streamlined contract drafting, a secure contract repository, enhanced collaboration, performance insights, and complete audit trails.
Intelligent contract management software helps contract managers close contracts faster. Creditable systems that support end-to-end contract lifecycle management are easy-to-use - allowing mass adoption by users and stakeholders.
If your organization is contemplating investment in contract management software for intelligent contract tracking, look for the following features:
Step into 2024 with contract management software that includes intelligent contract tracking tools for improving your organization’s standards and processes.
It is demonstrably irresponsible to place the management of your contracts in the hands of spreadsheets. Start 2024 with award-winning contract management software. CobbleStone Contract Insight® is celebrated as a long-trusted contract management solution.
The software’s abundance of user-friendly features empowers organizations to manage contracts more efficiently, consolidate and secure contracts and documents, oversee compliance, streamline document drafting, receive alerts, track costs, easily sign with IntelliSign® electronic signatures, and reduce costs and lost productivity due to out-of-date contract administration procedures.
CobbleStone's contract lifecycle management software is relied upon by thousands of contract, legal, risk, and sales professionals worldwide. Book a free demo of our award-winning contract management, eSourcing, & procurement platform today!
Legal Disclaimer: This article is not legal advice. The content of this article is for general information and educational purposes only. The information on this website may not present the most up-to-date legal information. Readers should contact their attorneys for legal advice regarding any particular legal matter.
This blog was originally published on August 12, 2021, and updated on November 30, 2023.