The age of legal operations digital transformation continues in 2023, with even more exciting digitization tools for business process automation available. The more contract administration tools available to legal teams and contract administrators – however – the easier it is to fall behind. With that said, let’s examine six tips for effective contract management in 2023 to get ahead with contract management software.
This blog was originally published on September 15th, 2021.
The world of contract administration has evolved drastically in recent years. Given the ongoing COVID-19 pandemic and the embrace of digital transformation over obsolete legal operations methods, organizations must embrace automated contract management software tools that support remote contract collaboration and intelligent workflow automation. As such, here are the top three contract management technology tools that organizations should leverage.
Contract creation is a multi-faceted process. Without the proper procedures, your organization can suffer from increased risk, drawn-out contract lifecycle times, and missed opportunities - among other deleterious consequences. Contract documents and data stored on spreadsheets, email servers, and shared drives alone can result in lost contract documents and versions. Back-and-forth contract drafting via email can result in slow collaboration times and unclear document versions. An inadequate clause management process can result in the wrong clauses being included in contracts and missed opportunities. Wet contract signatures can result in long send-to-sign times and costly postage expenses. What's more, risk can increase, resulting in lost revenue, data leakage, lawsuits, and more. Fortunately, you can leverage contract management software to avoid sending your contract creation process into a tailspin. To that end, here are six ways contract creation software can improve your contracting process.
CobbleStone Software's latest version – CobbleStone Contract Insight® Enterprise 17.11.0 – has come, introducing next-level CLM features and enhancements for you to master to bring your contract management software platform to the next level!