The terms contract administration and contract management are often used interchangeably. Although they share many similarities, at a granular level, they are technically different phases of the contract lifecycle. However, for many companies, the same team of professionals may be responsible for both facets of the contracting process, which is likely one of the reasons that people tend to conflate these terms. Deciding if these are related or distinct processes really depends on the size and resources of a company and whether the company has a specific team devoted to the contracting process. For smaller businesses, people often have multiple job functions, including the handling of all contract matters. Here are the primary differences between the two aspects of contracting:

The non-disclosure agreement, or NDA, is an important tool for many businesses. A properly organized, signed NDA helps protect the company’s intellectual property, such as inventions, new business ideas, financial and marketing data, and other confidential or proprietary information.

The NDA document itself may be fairly straightforward. The essential elements (parties, definition of confidential information, confidentiality obligations, exceptions, and terms of the agreement) can often be listed in a few pages. Don’t let the relative simplicity of an NDA lead you to overlook these blind spots.

Hospitals work to accomplish multiple, critical goals as an organization:

• Provide the highest possible standard of care for patients
• Protect patient security and minimize legal risk
• Comply with federal and other regulations
• Manage operating costs efficiently, reducing costs where possible without compromising patient care

Contract management can often serve as a blueprint for achieving these goals. Hospitals maintain hundreds or thousands of contracts and other records outlining agreements with physicians, vendors, other healthcare organizations, and patients. Paying attention to contract management best practices can help general counsel, contract managers, and administrators maintain the most efficient organization system to meet the hospital’s goals.

Just because someone manages contracts for a company doesn’t necessarily guarantee that negotiation comes easily to them. If you don’t feel like you have a natural talent for negotiation, contract renewal can spark feelings of uncertainty. The following vendor contract renewal best practices can improve your chances for success.

Understanding the potential ROI of contract management software is an important precursor to a company’s decision to purchase it. Equally important is knowing how to implement a plan to use the new software effectively. Companies don’t have time to waste floundering through tutorials. They want to see ROI fast. This guide will cover some key areas to focus on to get results as quickly as possible.

Saving money is a constant concern for many organizations. Taking a critical look at what the organization spends on necessary--or unnecessary--supplies is a good place to start. Organizing the supplier contract management process can reclaim potential savings and minimize unnecessary expenses.

Enterprise contract management is a means of streamlining and improving how contracts are stored and reviewed throughout an organization. If you are investigating contract management options, there’s a good chance you already know a manual system is insufficient for your company’s needs. The question is where to go from here.

The more an organization matches the following conditions, the likelier it is that the company would benefit from an enterprise contract management solution.

Managing a contract portfolio without the right tools can make this already complicated process far more cumbersome than necessary. Old school contract management methods involving massive amounts of printing and crammed filing cabinets was the way of the rather distant past, although there are no doubt still a few holdouts. Of course, there are other seemingly modern, electronic management methods companies have relied upon, which have also fallen out of favor, such as shared network drives or lengthy spreadsheets. These days, the only contract management practice that actually works requires the use of sophisticated software that has the right combination of practical features. If your company’s contract management practice does not afford you the following, then it may be time for a change.

Contract management is an essential task for most organizations. Don’t let common myths deter your organization from considering a solution that can save time and money, while reducing risk. Understanding how contract management software works helps you find the best solution for your contract management needs.