Managing contracts can be challenging for legal, procurement, and contract management professionals, especially when primarily relying on outdated processes. Managing the contract lifecycle from requests to renewals can prove challenging with spreadsheets, emails, filing cabinets, and other disparate tools and systems. Without accountability, visibility, a clearly defined process, and actionable insights, organizations can find themselves running into compliance issues, not realizing contract value, and encountering other setbacks.
Process, unity, and efficiency are essential for proper vendor management. A vendor management process that relies upon disorganized documents, emails, and spreadsheets for vendor key data, contract data, certificates of insurance, and vendor performance data may not be enough. These methods may lead to failed compliance, missed deadlines, agreement breaches, overlooked volume discounts, insufficient payments, and poor vendor selection. These manual and time-consuming processes should be replaced in favor of an organized and streamlined one. Thus, here are six tips for better vendor oversight with vendor management software.
Retail property management organizations often need to handle many different types of requests and contracts – including construction contracts, leases, rental agreements, retail management contracts, vendor contracts, maintenance agreements, property management contracts, and more. With the need to handle numerous of contracts per year and support updated lease accounting standards, manual contract management processes may prove insufficient – potentially leading to contract lifecycle delays, missed key dates, lost revenue, unsatisfactory lease accounting, and wasted time. These organizations need to leverage integrated contract management software for enhanced retail property contract management. Here’s how.
As technology evolves and organizations shift to adapt, business process changes should increase productivity rather than hamper it. Contract managers who primarily utilize manual methods with their team may encounter difficulties in efficiently managing contracts. Contract mismanagement can decrease productivity, hinder communication regarding task responsibility, and increase avoidable inefficiencies. As contract administration changes for the future, organizations can attain greater control over their contract management processes by avoiding the following pitfalls of contract mismanagement.