Managing contracts can be challenging for legal, procurement, and contract management professionals, especially when primarily relying on outdated processes. Managing the contract lifecycle from requests to renewals can prove challenging with spreadsheets, emails, filing cabinets, and other disparate tools and systems. Without accountability, visibility, a clearly defined process, and actionable insights, organizations can find themselves running into compliance issues, not realizing contract value, and encountering other setbacks.
Retail property management organizations often need to handle many different types of requests and contracts – including construction contracts, leases, rental agreements, retail management contracts, vendor contracts, maintenance agreements, property management contracts, and more. With the need to handle numerous of contracts per year and support updated lease accounting standards, manual contract management processes may prove insufficient – potentially leading to contract lifecycle delays, missed key dates, lost revenue, unsatisfactory lease accounting, and wasted time. These organizations need to leverage integrated contract management software for enhanced retail property contract management. Here’s how.
As technology evolves and organizations shift to adapt, business process changes should increase productivity rather than hamper it. Contract managers who primarily utilize manual methods with their team may encounter difficulties in efficiently managing contracts. Contract mismanagement can decrease productivity, hinder communication regarding task responsibility, and increase avoidable inefficiencies. As contract administration changes for the future, organizations can attain greater control over their contract management processes by avoiding the following pitfalls of contract mismanagement.
Nursing home networks face a unique set of challenges around healthcare contract management. Since they are subject to strict laws and regulations, nursing homes need to be vigilant when establishing and maintaining contracts - as to avoid litigation costs, witness depositions, and the frantic retrieval of mismanaged contracts. With disorganized or manual processes, nursing homes increase the risk of lawsuits, misplaced documents, data entry errors, contract lifecycle bottlenecks, damaged reputation, wasted time, and revenue loss. Luckily, contract management software can help nursing home networks establish a seamless contract lifecycle, remain compliant, reduce wasted time, unify and secure documents, efficiently and accurately enter data, and manage contracts with varying complexity and volume. Here’s how.