Contract management software is an investment that can help organizations to gain control over their contracts, drive more value through contracting, and increase productivity and efficiency. Additionally, it can improve transparency, reporting, compliance, and oversight - driving the the most value through comprehensive contract lifecycle management. User-friendly solutions can be implemented quickly, and with leading providers like CobbleStone Software, implementors act as guides to help system administrators configure their Contract Insight® system to meet their organizations’ needs. In this article CobbleStone's Training Manager, Nash DeVita, explains the importance of continuing contract management software education.
When organizations are considering contract management software for their source-to-contract needs, they often go into the selection process with misguided presumptions. Such “myths” can be misleading and discouraging to potential software users, causing them to relinquish the chance to maximize the value of their contracts.
Attaining more value from contracts is an important goal for leading public and private organizations across all industries. To support contract management ROI in 2020 and beyond, contract management professionals must start with a baseline of contract administration, procurement, and sourcing data through contract management benchmarking.
Contract managers, contract administration professionals, and corporate legal teams struggle to show clear contract management ROI to executive leadership within their organizations. This struggle to show value is not isolated to one contract management challenge, but rather, it is a conglomeration of issues with manual contract management systems, lack of communication, and misaligned goals. For organizations managing hundreds or thousands of contracts each year, the bottom line can be hit from multiple angles from increased costs to decreased revenue to lost time to missed opportunities to increased risk. This article analyzes the root causes of missed ROI and presents a strategy to get the most value out of contracts.