In last week’s blog, “Contract Lifecycle Management Part 1: Mastering Contract Management Blog Series,” the common tasks and contract management processes that challenge organizations and how these challenges align with and negatively impact contract lifecycles was discussed. In this final blog post in the “Mastering Contract Management Blog Series," the reasons organizations should implement contract lifecycle management and the core functionality that should be considered in contract management software is revealed.
Contract lifecycle management requires a well-thought-out strategy, careful planning, and the right technology. Without all three elements, managing contracts will not only be challenging for contract, procurement, and legal professionals; it won’t be possible to get the most business value out of your organization’s contracts. Too many organizations are missing end-to-end contract management that provides a clearly defined process, actionable insights, and accountability, ultimately negatively impacting productivity, profitability, risk exposure, and compliance. Learn how to master contract lifecycle management in this blog.
The terms "contract management" and "contract lifecycle management" may seem synonymous however, there are clear lines that can make or break the positive impact and value that contracts create. Organizations looking for opportunities to improve processes, profitability, compliance, and security must develop an understanding of the difference between contract management and contract lifecycle management so when the time is right, they can adeptly leverage contracts to achieve organizational goals and reach new heights.
Contracts can play a crucial role in running your organization. Contract management expertise alone isn’t enough for organizational success if your team is left wading through spreadsheets and time-consuming, error-prone, manual document management processes.