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.
Successful contract management can dramatically increase revenue and organizational growth (among other things)…but unchecked contract risk can be disastrous. Inadequate contract risk prevention measures can cost your organization money and time and result in costly and damaging instances of contract mismanagement - including negligent clause language and less than legitimate business associations. To avoid these deleterious situations and more, your organization must forge and implement an ironclad risk response plan and stick to it. You can get started with your powerful risk response plan with the aid of trusted contract management software.
As we step into 2021, CobbleStone Software’s Executive VP – Mark Nastasi – reexamines contract management software technology trends in the wake of the many challenges of 2020. He provides expert insight into how organizations can move forward into more future-minded, automated, and user-friendly contract management in 2021 and beyond. Read his considerations and suggestions below.
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.