A quick visit to ContractWorks’ resources page will provide you with a variety of insightful free ebooks, guides, webinars, case studies, and more.

With so many great resources to choose from, we thought we would highlight three guides that many of our blog readers are finding useful and we thought you may as well.

How effectively your business can manage contracts is a significant to your organization's overall success. According to research from the International Association of Contract and Commercial Management (IACCM), improving contract management can improve corporate profitability by nearly 10 percent annually.

Where do so many contracts go wrong? While businesses can put their best foot forward by taking steps to draft well-defined contracts with clear deliverables and terms, many contract related losses and missed opportunities to improve value occur after a deal has been negotiated and signed. In other words, how a contract is implemented plays a direct role in its outcome.

According to the IACCM, contracts that are not managed diligently throughout their term risk leaking value. For example, the IACCM reports that 77 percent of companies lose value due to project delays and cost overruns, a risk that may be mitigated or avoided altogether through stronger contract management implementation.

Here are four tips to reduce risk and improve value from your contracts through successful contract management implementation.

It’s hard to escape the footprint of artificial intelligence. Though once thought of in futuresque, sci-fi terms, artificial intelligence (AI) in its various forms has proliferated everyday life both at home and in the enterprise. According to a report from Gartner, the number of enterprises using AI has tripled in the last four years, meaning that from Amazon product recommendations to voice-controlled light switches to automated functions that improve key pain points and boost productivity at work, AI is now everywhere.

But what does AI actually mean and what do you need to know about it now? Keep reading to learn the basics.

Business units and IT departments are often seen as being at odds with each other within the enterprise. While employees want fast, cutting-edge solutions that can help them do their work more efficiently, information technology workers are sometimes seen as overly conservative and out of touch with the needs of business users.

But as the gatekeepers of company technology, achieving IT buy-in is a crucial step in implementing any new solution that is aimed at improving business results – and contract management software is no exception. One way to improve the alignment between business and tech teams is by understanding and championing the ways a solution can alleviate existing IT pain points. Here are five reasons contract management software specifically can also bring about improvements to your company’s IT department.

Your poorly managed contracts are costing your organization time and money. Just how costly is the problem? According to McKinsey & Company, “suboptimal contract terms and conditions combined with a lack of effective contract management can cause an erosion of value in sourcing equal to 9 percent of annual revenues.” Or, about $2.5 trillion in value.  

The first quarter of 2019 was a busy one for ContractWorks. We rolled out some great product updates that our customers are already finding really useful.

Here’s a quick rundown of what’s new at ContractWorks.

Selecting a contract management solution can be a daunting task.  There are many different software providers available, all with different features, and it can be hard to know where to start. In addition, depending on your company’s resources and capabilities, there may be a small team tasked with overseeing a rather voluminous contract portfolio. With so much at stake - and so many irons in the fire - how do you decide which contract management solution is right for you?

Deciding which software solution makes sense for your organization doesn't have to be complicated. With The Buyer’s Guide to Contract Management Software, you will learn how to you evaluate and implement the right contract management software to fit your needs. After reading this guide, you will be better informed about your options and better able to choose a contract management solution capable of meeting your organization’s goals and objectives and improving your contract management processes.

Measuring contract performance is critical to managing a company’s contract portfolio. Before you know what to fix, you first need to know what’s broken. When it comes to finding the profit potential in your contracts, you must begin by understanding what contracts you have, their status, and their potential costs and revenue opportunity. As a result, the contract management team must have clear metrics by which to measure performance.

At ContractWorks, our team represents the spirit of our company: innovative, agile, and committed to fulfilling the needs of our customers. Our employees come from a variety of experiences and backgrounds, each with a unique set of skills and talents that align with our overall mission of providing simple, smart document management solutions.