7 Industries That Can Benefit Most From Contract Management Software

Implementing contract management software is a best practice for organizations of virtually all sizes and industries. Some of the advantages of contract management software include:

  • Securely storing your contract documents and related files in one, centralized location

  • Automated alerts and reminders for critical contract milestones

  • Reporting tools for in-depth insight into the health of your contract portfolio

While nearly every business can become more productive and efficient by implementing contact management software, certain fields face particular challenges that make contract management software a smart choice. Here are seven industries that can benefit most from adopting contract management software.

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Can SharePoint and Contract Management Software be Used Together?

SharePoint and contract management software are two very different software solutions designed to address entirely separate business needs. For those looking for a collaboration and communication portal, SharePoint is an easy-to-use software solution that works well with many other Microsoft Office products. For those looking for a system to help take control of their complex contract portfolio, dedicated contract management software includes a robust set of features built to help contract managers stay on top of corporate agreements and deadlines, reduce organizational risk, and improve operational efficiency.

While the two solutions are designed to address very different areas of a business, there are situations where the two tools can be used together.

Here are two ways legal teams surveyed by ContractWorks are using both solutions together to take advantage of the strengths of each type of software.

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What Does an Effective Contract Management Process Look Like?

Having an effective contract management process should be the goal of every organization—but far too many fall short of this ideal.

According to industry surveys, more than half of businesses say that their contract approval processes are causing deals to stall, and only about one in three companies are using a dedicated contract management tool.

With so many organizations struggling to implement an effective contract management process, it's clear that there's plenty of room for improvement. Previously, we’ve written about signs of poorly performing contract management. In this article, we’ll discuss the opposite end of the spectrum: signs that you have a strong contract management process in place.

Here are five indications that your organization has achieved an effective contract management process.

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Improve Legal Department Operations with Contract Lifecycle Management

Legal departments have spent the last 10 to 15 years trying to figure out ways to reduce spend and maintain high levels of efficiency. One of the biggest areas of opportunity: improving the way contracts are managed.

The International Association of Contract and Commercial Management issued research showing that improving contract management can increase corporate profitability by nearly 10 percent annually. Implementing a contract lifecycle management (CLM) system helps legal operations not only contribute to such an increase in revenue, but to streamline the management of each contract so volumes of vital contracts remain error- and risk-free. CLM helps an organization integrate automation into the lifecycle of a contract so humans aren’t burdened with repetitive tasks, contracts are secure through software-based storage, and approvals happen more quickly.

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The Value of Analyzing Contracts

Contracts are extremely valuable tools in the business world. Primarily, these legal agreements establish the framework and rules of engagement for any business deal into which your company enters. A detailed contract will describe all of the precise deliverables attached to an agreement, along with fees (and related considerations such as currency caps), timelines, and other requirements.

But while much effort goes into preparing and negotiating agreements, contracts are all too commonly filed away after they have been signed. If they are pulled and reviewed, it’s often to monitor the performance of the business arrangement or because something within the agreement has gone wrong.

This is unfortunate and short-sighted. In addition to providing the framework of the business deal to which it pertains, analyzing contracts can yield useful business insights and lead to better contracts in the future.

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Top ContractWorks Blog Posts from 2019

We’ve made it to the end of another year! The ContractWorks team is looking forward to an exciting 2020, but we also think it’s important to look back and reflect on the last 12 months of contract management news, tips, and best practices. 

This article covers some of the top ContractWorks blog posts from 2019, including posts on the stages of contract management, contract breaches, contract monitoring best practices, and more.

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Comparing the Strengths of SharePoint and Contract Management Software

SharePoint is a ubiquitous software solution for businesses of all sizes because it’s convenient and familiar, since teams are often accustomed to Microsoft Office products, which integrate seamlessly with SharePoint. For businesses with straightforward document sharing and collaboration needs, SharePoint is a viable solution that can improve efficiency across teams and business units. 

Contract management software is specifically built to store, manage, and track corporate contracts and the data housed within those contracts. Contract management software gives users the tools to understand the data contained within contracts, and then take meaningful action based on those insights, which can help businesses enhance operations, save time, automate manual processes, reduce contract-related errors, and mitigate potential contract risks before they develop into significant problems for the business.

Here’s a look at some of the areas where SharePoint stands out, and some of the things dedicated contract management software does exceptionally well.

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Meet Anthony Perry, Sales Manager

At ContractWorks, 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.

We’re proud of the team we’ve assembled, and we think it’s about time you get to know the people that are innovative, agile, and committed to fulfilling the needs of our customers.

This month we’re catching up with Anthony Perry, Sales Manager at ContractWorks. Anthony plays a pivotal role at ContractWorks, working with the team of account managers to ensure that customer needs are met.

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3 Ways to Structure Legal Operations for Maximum Efficiency

In-house legal departments are being redefined due to a number of internal and external factors. Whether it’s due to mergers and acquisitions, a need to stretch resources across multiple business locations and geographies, or other influences, legal departments are being asked to drive more value than ever before and to do so more efficiently.

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New Ebook - Legal Department Operations: A Guide for General Counsel

Legal department operations have shifted over the last decade to reflect a broader, global drive toward more efficiency. Every market around the world has felt the effects of the last 10 years of soaring technological change, and the legal operations field is no exception. But legal departments are taking a multi-pronged approach to accomplish this goal of becoming more efficient to contribute to overall organizational profitability: they are onboarding specific people as well as technology solutions. 

After reading Legal Department Operations: A Guide for General Counsel, you should have a better understanding of the relationship of technology to the growing legal operations field, how certain solutions help streamline legal ops to solve common problems, and the role of general counsel in the expanding legal department.

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