Contract management teams hold a lot of responsibilities throughout the life of a contract. Streamlined and organized contract collaboration is key to CLM success. Without a clear-cut understanding of how the contract process should occur, contract management teams can encounter unnecessary contract risk, contract lifecycle bottlenecks, and decreased revenue. As such, we have outlined the responsibilities of a contract management team and how these responsibilities can be centralized and organized with leading contract management software.
Leading financial research estimates that companies spend almost 5% of their revenue tracking agreements after signing a contract.
Organizations, both large and small, find that manually managing contracts and related documents can be time-consuming, disorganized, frustrating, costly, and the list goes on. There are many disadvantages to the manual records management approach, but the biggest issue with manual maintenance is organization. When contract records are managed manually with spreadsheets and local file locations, the process can become extensive because of bottlenecks, miscommunication, missed deadlines, and more. What can be done to eliminate these challenges?