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.
Choosing the right software with the right features can make all the difference.
Managing contracts is something that almost all industries do daily. A single company can have contracts in place for a variety of reasons which could include facilities, personnel, clients, the real estate they operate in, and so much more. Whatever the case may be, these contracts have their own stages and lifecycles that are important to stay aware of through their duration of activity.
It’s hard to imagine, with today’s advances in technology, that there was a time where manual contract management was the standard process at most organizations. Hard copies were stored in filing cabinets and some contract administrator or designated personnel had to make a conscious effort to check in on these records and ensure things were running smoothly.
Contract writing and authoring can be the easiest or most complex step of thecontract lifecycle management process. Whether the contract is going to contain a minimal amount of information, or if it is going to contain hundreds of different terms and clauses; writing all of these contracts can be a daunting and time-consuming process. Because of this issue, select providers of contract management software have a solution. By using contract templates, your authorized users can easily author a new contract by using rules-based text and clauses. This feature is beneficial in many ways, but a few of the key benefits can be outlined in more detail below.