Contract management teams hold a lot of responsibilities throughout the life of a contract. Streamlined and organized contract collaboration is key to CLM success. Without a clear-cut understanding of how the contract process should occur, contract management teams can encounter unnecessary contract risk, contract lifecycle bottlenecks, and decreased revenue. As such, we have outlined the responsibilities of a contract management team and how these responsibilities can be centralized and organized with leading contract management software.
Introducing a new contract management software solution can be a painless process or a long and difficult one. Taking steps to prepare for the CLM implementation helps ensure the process is efficient rather than arduous and helps guarantee success. The following steps can help lead to successful implementation:
- Determine contract administrators for the project.
- Assess and track contract data.
- Consider contract processes and configure procedures.
- Increase security with contract management permissions.
- Define necessary contract management reports.
- Collect and clean contract management data.
Read on to discover how to leverage the above-mentioned steps to successfully implement your contract lifecycle management software.
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.
Contract administration can bring forth a host of challenges. Between establishing a contract administration plan, following through with that plan within a set timeline, tracking contract financials, overseeing the contract lifecycle, and planning for risk variables, contract administrators have a lot on their plate - and a lot of room for deleterious errors, contract risks, and bottlenecks. Fortunately, contract management software can help. Here's how.