Companies of all sizes within both the public and private sectors often find themselves maneuvering multiple contracts at once - with said contracts progressing at various stages of the contract lifecycle. As such, they must build an efficient, organized, and cost-effective contract lifecycle management process that helps with all stages of the contract lifecycle. Read on to learn how to get started building a strong and centralized contract lifecycle process - as well as how this undertaking can be significantly simplified and improved with the right strategy, rather than the cheapest and most manual.
This blog post was updated on April 1st, 2021
In our previous Contract Insights blog, “Contract Lifecycle Management Part 1: Mastering Contract Management Blog Series,” we discussed common contract lifecycle management tasks and processes that challenge organizations - and how these challenges can negatively impact contract lifecycles. In this conclusion to that blog, we detail the reasons organizations should implement contract lifecycle management - as well as the core functionality that should be leveraged for the most powerful contract management software experience.
By understanding all the stages of the contract lifecycle, you can ensure that each stage runs as smoothly as possible.
No matter how long a contract is active for, it will undergo many contract stages to ensure that all parties are in unison and that the service agreed upon is delivered. Contracts are legally binding and need to be executed appropriately. When you understand the stages in the lifecycle you can feel more informed and prepared when it comes to managing the contract. While the exact stages may vary for your organization, we’ve broken down the 8 common stages of the contract lifecycle: