In contract lifecycle management, efficient collaboration between stakeholders is a must. Contract requests, renewals, and almost everything in between can involve many moving parts – with a high potential for inefficiency if adequate measures are not introduced. In the interest of avoiding communication delays and contract lifecycle bottlenecks, organizations should leverage robust contract collaboration tools offered by leading contract management software. Here are four steps to foster healthy and productive collaboration and expedite the contract lifecycle.
Contract requests are the first step in the contract lifecycle. This initial phase of the lifecycle allows business stakeholders to gather essential details associated with a new contract, amendment, renewal, and more. The request stage arguably sets the tone for whether a contract undergoes efficient processing or is rife with delays. Inefficient contract request processes can result in higher risk for critical data loss, confusing request intake processing, and wasted time. Organizations must equip themselves with a solution that streamlines their entire contract request process, making it more intuitive, simple, accurate, and efficient. That solution is CobbleStone’s contract management software, Contract Insight®. Here’s how it’s done!
The COVID-19 pandemic has pushed contract management, procurement, and sourcing professionals into uncharted waters regarding their business operations. Organizations need to quickly find ways to cut contract-related costs and save money during times of crisis such as pandemics, economic recessions, company acquisitions/mergers, and downturns in business. CobbleStone Software’s Contract Insight can help. Here’s how.