As your business grows, so do your responsibilities - especially as they pertain to contracts. Contract volume and contract complexity grow along with your organization. As such, it can be easy to fall into the deleterious pitfalls of contract mismanagement. Your organization will inevitably reach a point at which manual contract management methods - such as those involving disparate emails, spreadsheets, shared drives, and manual wet signatures - no longer cut it. But change is a good thing, and you can get ahead of the damaging consequences of contract mismanagement due to a manual process. How? It's simple: automate contracts with contract management software. Read on to learn how to easily get started with streamlined contract lifecycle management!
Generation of contracts can be challenging for contract, procurement, and legal professionals. Manual contract generation can be tedious, time-consuming, and error-prone. Moreover, a manual approach to document assembly can inadvertently put organizations in the precarious position of facing significant process bottlenecks, compliance issues, risks, fines, or legal ramifications. It’s time to take control of contract generation. Learn how to transform your manual contract generation process into a value-centric strategy with the help of leading contract management software.
Contracts are legally binding - and thus need to be executed properly. As such, organizations should be equipped 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 said requests are fulfilled - with the possibility of contract renewal. Learn about the eight stages of the contract lifecycle below.
2021 has already brought many enhancements and innovations to contract management automation - and contract management technology will not stop enhancing contract management processes any time soon. Your organization could be missing out on user-friendly and future-minded contract management system tools. As such, here is a list of four must-have contract management software features for a streamlined, simplified, cost-effective, and configurable process for increased ROI.