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
The 8 Stages of the Contract Lifecycle
Contracts are legally binding - and thus need to be executed properly. Legal teams should equip themselves with a thorough understanding of the contract lifecycle. The contract lifecycle is the process under which a contract is authored, reviewed, sent for signature, executed, and - potentially - renewed.
The "lifecycle" is an archetype used to compartmentalize and understand a contract's complex evolution. The lifecycle begins with contract requests and concludes when these requests are fulfilled - with the possibility of managing contract renewal. Let's further explore the eight stages of the contract lifecycle below and how contract management software can help streamline your contracting processes.
Contract Management Reports for Robust CLM Data Analytics Oversight
Tracking contract management data with manual and disparate processes throughout the contract lifecycle can prove challenging. You can waste time and energy without readily accessible contract management reports for the following.
- Contract Financials
- Contract Terms
- Compliance Data
- & Other Essential Contract Data
Fortunately, leading contract management software can provide you with contract management reports for robust contract performance management oversight.
7 Enterprise Contract Management Best Practices To Succeed in 2023
Managing contracts can be challenging - especially when primarily relying on outdated tools such as spreadsheets, emails, and shared drives. Without accountability, visibility, and actionable insights, you can find yourself confronting contracting workflow bottlenecks. Enterprise contract lifecycle management (CLM) requires careful planning, the right technology, and a well-planned contract strategy.
To gain the most out of enterprise contract management, take advantage of seven best practices. Enterprise contract management best practices involve contract lifecycle management software. CLM software digitally unifies processes from contract requests through renewals. It provides a centralized, web-enabled, single source of truth for contracts.
Read on to learn more.