Managing contracts can be challenging for legal, procurement, and contract management professionals, especially when primarily relying on outdated processes. Managing the contract lifecycle from requests to renewals can prove challenging with spreadsheets, emails, filing cabinets, and other disparate tools and systems. Without accountability, visibility, a clearly defined process, and actionable insights, organizations can find themselves running into compliance issues, not realizing contract value, and encountering other setbacks.
The strength of an organization’s contract lifecycle hinges on a healthy contract strategy. An ironclad contract procedure helps departments within an organization come to a universal adoption of contract processes that improve contract performance. A contract strategy that leverages leading contract management software equips organizations with advanced tools for organized, cost-effective, and efficient contract management. As such, here is how organizations can employ a winning contract strategy for future-minded, AI-based contract management.