The age of digital transformation has forged a path of opportunity for analyzing vital information to improve business processes. This phenomenon strongly applies to contract data as well. Unfortunately, many businesses managing contracts fail to maximize contract data points to learn from mistakes and improve contract processes. As such, they fail to reduce risk, optimize contract terms and language, proactively recognize growth opportunities, strengthen the contract review process, and more.
Contract administration can be a daunting process when relying on primarily manual tools - such as spreadsheets, shared drives, and disparate emails. Without accountability, visibility, and a clearly defined contract administration plan, you can find yourself running into compliance issues, minimizing contract value, and encountering other setbacks. Read on to learn how you can create a strong contract administration plan with the help of leading contract management software.
This blog post was updated on March 7th, 2021.
Contract termination should involve rigorous financial analysis, contract performance data analytics, and the creation of a notice of termination. With tight deadlines and specific terms required to terminate a contract, organizations need a strategy to identify contracts not meeting contract KPIs, write notices of contract termination, and secure proper contract closeout. This article will show you how to implement this strategy readily with the help of contract management software.