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.
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.
Electronic signatures are a must to streamline your contract management process. They allow organizations to create efficiencies that expedite preexisting processes and reduce financial costs. However, there are still individuals and organizations that question whether or not contract electronic signatures are legal and whether eSignatures will hold up in court. The question is valid; potential litigation is a serious threat to any organization. Judicial decisions and legal precedent in the United States have left very little ambiguity on whether or not contract electronic signatures are equivalent to handwritten signatures. Organizations that use eSignatures should take comfort knowing that the courts have been on their side since 1869.
Revenue generation is the front line for all for-profit organizations. The less efficient an organization’s sales team is, the less customers an organization will acquire; the less customers, the less revenue. Most companies have goals oriented around maximizing revenue. In order to maximize revenue, companies need to maximize their customer or client acquisitions. The best way to help reach those goals is to have the most efficient sales team possible. Contract Management Software can make any organization’s sales team more productive and more profitable by leveraging these tools: