3 min read
3 min read
Understanding the contract lifecycle is essential for legal, procurement, and contract management teams aiming to streamline operations. This guide explores the eight key stages of the contract lifecycle and how contract lifecycle management (CLM) software can optimize each phase for better compliance, efficiency, and collaboration.
4 min read
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.
5 min read
Procurement departments can encounter procurement workflow inefficiencies without the proper procure-to-pay tools – especially when implementing inefficient and disjointed contract management processes throughout parts of the procurement process. You can avoid risk, unreasonable vendor pricing, and vendor non-compliance by leveraging contract management processes in procurement that centralize processes, technology, and people. Read on to discover how you can implement effective contract management in procurement that results in maximized collaboration of various roles and responsibilities, managing cost effectively, and more fruitful business relationships.
