Contract tracking can be a significant challenge for legal teams, contract managers, sales teams, and other industry professionals. Manual contract management processes may suffice for organizations with low contract volume and contract complexity. However, when the number of contracts increases to hundreds, thousands, and beyond, contract failure rates increase exponentially. Read on to learn how to master contract tracking with leading contract management software.
Clause management can be challenging for contract, procurement, and legal professionals entering into a contract or managing one. Manual contract administration tools such as spreadsheets, emails, and disconnected software tools prove to be less than effective or efficient ways to generate optimal contract documents and clauses - and rarely lead to fast approvals. Contract clauses can support standards and reduce contract risk when used to their potential and can positively impact your contract management process. Learn how to master contract clauses in this blog.
Generation of legally binding contracts from verbal agreements can be challenging for contract, procurement, and legal professionals. Manual contract generation or contract creation can be tedious and error-prone. Moreover, a manual approach to document assembly can put organizations in the precarious position of facing:
It’s time to save time and take control of contract creation. Learn how to transform your manual generation process into a value-centric strategy. Make this transformation with the help of leading contract management software.
The contract approval process can prove challenging for many contract management and contract administration professionals. Without the proper contract lifecycle management tools in place, bottlenecks and human error can lead to longer contract lifecycle times. Delayed contract approvals may fail to meet business rules, business processes, and business and regulatory compliance standards - potentially leading to missed opportunities for time-sensitive pricing options and special terms. The challenges and problems of inefficient contract administration are apparent, but what are the root causes of the issues with contract approvals?
This blog post was updated on April 1st, 2021
In our previous Contract Insights blog, “Contract Lifecycle Management Part 1: Mastering Contract Management Blog Series,” we discussed common contract lifecycle management tasks and processes that challenge organizations - and how these challenges can negatively impact contract lifecycles. In this conclusion to that blog, we detail the reasons organizations should implement contract lifecycle management - as well as the core functionality that should be leveraged for the most powerful contract management software experience.
This blog post was updated on March 30th, 2021
Contract lifecycle management requires a thorough strategy, careful planning, and the right technology. Without all three elements, managing contracts can not only be challenging for contract management, sourcing, procurement, vendor management, and legal professionals; it can prove difficult to maximize contract value. Contracts require tremendous pre-award and post-award investment. Without a suitable contract management system in place, you can find it difficult to maximize ROI. Too many organizations are missing end-to-end contract management that provides a clearly defined process, actionable insights, and accountability - ultimately negatively impacting productivity, profitability, risk exposure, and compliance. Read on to learn how you can master contract lifecycle management.
Many organizations have integrated technology to streamline processes and improve productivity but still rely on a manual approach to contract and document storage. Storing documents and managing contracts may involve filing cabinets, massive stacks of files and papers, emails, and some rendition of a digital filing system. This approach makes it nearly impossible to keep contracts secure, retain version control, stay on top of key dates and milestones, or enforce contract archiving and retention rules. Storing contracts may sound like a simple task, but without a secure contract repository, organizations are missing the critical element that can support their ability to have control over contracts, reduce risk, and improve contract performance.
Electronic signatures can be challenging for contract, procurement, and legal professionals. The challenges may originate with electronic signature implementation, or they may come from the shift in focus from old processes toward the new experience, reliability, and scaleability that electronic signatures can contribute to your organizations’ digital transformation initiatives. Learn how to master e-signatures in this blog.
