Contract Insights

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.