Contract Insights

As your business grows, so do your responsibilities - especially as they pertain to contracts.  Contract volume and contract complexity grow along with your organization.  As such, it can be easy to fall into the deleterious pitfalls of time-consuming contract mismanagement.  Your organization will inevitably reach a point at which manual contract management processes - such as those involving disparate emails, spreadsheets, shared drives, data entry prone to human error, and manual wet signatures - no longer cut it.  But change is a good thing, and you can get ahead of the damaging consequences of contract mismanagement due to a manual process.  How? It's simple: automate contracts with contract management software.  Read on to learn how to easily get started with streamlined contract lifecycle management!

Contracts are legally binding - and thus need to be executed properly.  Legal teams should equip themselves with a thorough understanding of the contract lifecycle.  The contract lifecycle is the process under which a contract is authored, reviewed, sent for signature, executed, and - potentially - renewed. 

The "lifecycle" is an archetype used to compartmentalize and understand a contract's complex evolution.  The lifecycle begins with contract requests and concludes when these requests are fulfilled - with the possibility of managing contract renewal.  Let's further explore the eight stages of the contract lifecycle below and how digital contract management software can help streamline your contracting processes. 

Procurement departments can encounter procurement workflow inefficiencies without the proper procure-to-pay tools – especially when implementing inefficient and disjointed contract management processes.  You can avoid risk, unreasonable vendor pricing, and vendor non-compliance by leveraging contract management processes in procurement that centralize processes, technology, and people.  Read on to discover how you can implement effective contract management software in procurement that results in maximized collaboration of various roles and responsibilities, cost savings, and more fruitful business relationships.

Tracking contract management data with manual and disparate processes throughout the contract lifecycle can prove challenging.  You can waste time and energy without readily accessible contract management reports for the following.

• Contract Financials
• Contract Terms
• Workflows
• Budgets
• KPIs
• Vendors
• Compliance Data
• & Other Essential Contract Data

Fortunately, leading contract management software can provide you with contract management reports for robust contract performance management oversight.