Contract Insights

Contracts are legally binding - and thus need to be executed properly.  Legal teams should equip themselves with a thorough understanding of the contract lifecycle management process.  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 digital contract management software can help streamline your contracting processes. 

Contract management. To many, the phrase evokes images of crowded file cabinets with reams of paper, complicated email threads, and the constant fear that some critical bit of information will slip through the cracks. Such patchwork contract handling is all too common and entails severe consequences. Missed deadlines, noncompliance, and lost revenue are just a few of the potential catastrophes. But there's a better way of managing these key business agreements: contract lifecycle management (CLM). CLM is not all about electronic signatures for completing contract execution; it's an end-to-end approach that transforms contracts into strategic assets instead of liabilities. To that end, let's deeply explore why contract lifecycle management is essential.

Contract managers are under increased pressure to deliver value with reduced contract risks, decreased contract costs, and improved contract performance.  When you regularly measure progress and the success of contracts against contract management key performance indicators (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.

Collecting, analyzing, and 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
• Workflows
• Budgets
• Key Performance Indicators (KPIs)
• Vendors
• Contract Compliance Data
• & Other Essential Contract Data

Fortunately, leading contract management software can provide you with contract reports for optimizing contract performance management oversight.