Contract Insights

Contract management is a multi-faceted process.  Without oversight over each stage in the life of a contract, your organization can suffer from process bottlenecks, missed contract obligations and tasks, wasted time, lawsuits, decreased revenue, and missed opportunities - to name a few.  Fortunately, you can increase your ROI by better understanding approaching contract management.  Here are the four phases of contract management and how to tackle them with contract management software.

Contract management professionals of all types are in the age of digital transformation.  Organizations need to correctly leverage contract management tools to adapt successfully.  As with any practice, mistakes in contract management are quite possible.  Contract management teams leveraging obsolete, manual methods are even more likely to commit CLM errors – resulting in contract lifecycle bottlenecks, missed key dates and milestones, and lost revenue.  Mistakes in contract management must be avoided.  Read this blog to discover six common mistakes in contract management – and how they can be evaded with the help of contract management software.

You may have seen or heard the term CLM tossed around in conversations and online.  However, perhaps you do not have a comprehensive understanding of what it truly means.  Contract management professionals, including general counsel and paralegals, should gain at least some conversance with CLM and how digital contract management software tools can be leveraged for success in contract lifecycle management.  Read on to discover an introductory overview of CLM.

Organizations in both the public and private sectors are experiencing an ever-increasing need to more efficiently manage their contracts as contract volume and contract complexity grow.  Each stage in the life of a contract becomes ever more critical as organizations embrace digital transformation to more effectively manage legal operations.  Before they can even begin to improve contract lifecycle management, organizations need to have a clear understanding of contract management objectives.  In this article, we provide a straightforward examination of the objectives of contract management - as well as how organizations can meet these objectives with user-friendly contract management software.

In order to get started with improving contract lifecycle management, there first needs to be an understanding of what exactly the contract lifecycle is - as well as how it progresses.  To that end, we have provided an illustration that shows the stages in the life of a contract - as well as descriptions that give more insight into how each stage involves and can be managed with contract management software!

The contract approval process can prove challenging for many contract management and contract administration professionals.  Without the proper contract lifecycle management tools in place, bottlenecks and human error can lead to longer contract lifecycle times. Delayed contract approvals may fail to meet business rules, business processes, and business and regulatory compliance standards - potentially leading to missed opportunities for time-sensitive pricing options and special terms.  The challenges and problems of inefficient contract administration are apparent, but what are the root causes of the issues with contract approvals?

2021 has already brought many enhancements and innovations to contract management automation - and contract management technology will not stop enhancing contract management processes any time soon.  Your organization could be missing out on user-friendly and future-minded contract management system tools.  As such, here is a list of four must-have contract management software features for a streamlined, simplified, cost-effective, and configurable process for increased ROI.

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.