Spreadsheet-driven contract management processes are error-prone, time-wasting, inefficient, disorganized, and lacking in security. Such practices should stay in the past; contract management professionals should begin 2024 with practical, centralized, user-friendly, and scalable contract lifecycle management solutions.
With new advancements and options for effective contract management continually evolving, we’ve detailed five essential tools contract managers must empower themselves with to navigate the ever-changing landscape of contract management best practices going forward.
Contracts are legally binding agreements that define and govern the exchange of goods or services. A contract’s journey – from creation to fulfillment and completion – is complex and leaves room for errors and oversights. As such, a process has been generally agreed upon for the handling of contracts. This process is referred to as contract management.
But what is contract management, and how can it be approached? Here’s what you need to know.