Contracts are legally binding - and thus need to be executed properly. Organizations should equip themselves 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 these requests are fulfilled - with the possibility of contract renewal. Let's further explore the eight stages of the contract lifecycle below and how contract management software can help streamline your contracting processes.
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.
Managing contracts can be challenging - especially when primarily relying on outdated tools such as spreadsheets, emails, and shared drives. Without accountability, visibility, a clearly defined process, and actionable insights within a contract management software platform, you can find yourself confronting contract management bottlenecks. Contract lifecycle management (CLM) requires careful planning, the right technology, a well-planned contract strategy, and robust contract lifecycle management processes. To gain the most out of contract lifecycle management, you need to ask key questions in order to find the right answers. Read on to discover seven key questions to consider when implementing contract lifecycle management, including key features to look for when leveraging a CLM software platform.
When managing contracts, performance monitoring is one of the most important ways to measure success. With a large variety of contracts, all with different terms, it can be difficult to know how you should assess contract management performance. Luckily, you can boil down the success of each contract, no matter the complexity, to four key contract management performance metrics. Read on to discover how contract management software can help you optimize four key contract management performance metrics.