2021 has arrived, and with it comes new innovations to your contract management software processes. Keeping this in mind, we have outlined six critical contract management tools that your organization should equip itself with to stay ahead of future-minded contract management best practices in 2021 and beyond.
In order to get started with improving contract lifecycle management, there first needs to be an understanding of what exactly the contract lifecycle is - as well as how it progresses. To that end, we have provided an illustration that shows the stages in the life of a contract - as well as descriptions that give more insight into how each stage involves and can be managed with contract management software!
Contracts are legally binding - and thus need to be executed properly. As such, organizations should be equipped with a thorough understanding of the contract lifecycle. The contract lifecycle is the process under which a contract is authored, reviewed, sent for signature, executed, and - potentially - renewed. The “lifecycle” is an archetype used to compartmentalize and understand a contract’s complex evolution. The lifecycle begins with contract requests and concludes when said requests are fulfilled - with the possibility of contract renewal. Learn about the eight stages of the contract lifecycle below.
Choosing a contract lifecycle management (CLM) software provider can be challenging, especially if you’ve never worked with CLM software and do not have anything to compare it to. Fortunately, industry-leading contract management software analysts, including those from Forrester Research Inc., can communicate and showcase their findings - offering you expert advice. Forrester recognizes CobbleStone® Software as a Leader in their report titled, “The Forrester WaveTM: Contract Lifecycle Management For All Contracts, Q1 2021.” CobbleStone Contract Insight® received a ranking among the top three CLM software providers in the Current Offering category within Forrester’s evaluation. Read on to learn why CobbleStone was named a leader, according to Forrester’s expert analysts.