Contract Insights

Efficiency and productivity are paramount for a healthy contract management process. Yet achieving these goals can be daunting. Luckily, contract lifecycle management (CLM) software can streamline contract processes from creation to renewal. But how do you implement such a system successfully? This article will guide you through the key steps for successful CLM implementation while exploring common challenges and offering practical solutions to enhance your contract management practices. We'll also delve into the role of technology in contract management. From contract automation to advanced analytics, we'll show you how to leverage the latest tools for maximum efficiency. Whether you're a seasoned contract manager or just starting out, this guide will provide valuable insights to help you navigate the CLM implementation process. Let's embark on this journey towards improved contract management with contract management software.

A study examining the reasons for contract management process failure found that key indicators of contract mismanagement include (among others) poor contract lifecycle planning and scheduling, late or improper contract submission and approvals, weak leadership, and lack of counterparty collaboration and communication (Mohamed, Norazida, et al., 2019).  Luckily, with leading contract management software and the proper contract management services, your organization can streamline contract management, decrease risk, increase revenue, and much more.  To that end, let's examine our top eight contract management services for more robust contract lifecycle management.

If you are a new CobbleStone Contract Insight® user, we understand that learning the contract management software system can be intimidating at the outset.  You may be asking yourself, "How will I learn the system?"  "How will I remember everything?"  "Do I need to do all of this myself?"  Well, rest assured, CobbleStone® offers a myriad of training resources to ease concerns you may have!  CobbleStone can provide training resources to fit your needs - whether you are a brand-new client, a new user of the system, or simply want to brush up on a few features.

Introducing a new contract management software solution can be a painless process or a long and difficult one.  Taking steps to prepare for the CLM implementation helps ensure the process is efficient rather than arduous and helps guarantee success.  The following steps can help lead to successful implementation:

• Determine contract administrators for the project.
• Assess and track contract data.
• Consider contract processes and configure procedures.
• Increase security with contract management permissions.
• Define necessary contract management reports.
• Collect and clean contract management data.

Read on to discover how to leverage the above-mentioned steps to successfully implement your contract lifecycle management software.