5 Reasons Business Move to Online Contract Management

For many companies, the search for an online contract management solution is sparked by either rapid business growth that leads to a higher contract volume, leadership’s desire to regain control of a mismanaged portfolio, or a specific contracting event that costs the business time, money, or reputational harm. Whether a high-value contract automatically renewed without your knowledge or a critical vendor agreement got lost, there are endless examples of problems that could have been avoided with an online contract management system.   

Here are some of the top reasons businesses shift from manual to online contract management.

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What CFOs Expect from the Contract Management Process

To thrive in a contract management role, you must develop an understanding of what various company leaders and stakeholders care about in the contract management process, and what they expect from the people who are responsible for those agreements. 

Chief financial officers rely on contract data to help evaluate how the company is performing, set growth goals, create financial projections, and understand where the business might be at risk. Anyone responsible for managing agreements needs to be able to provide your CFO with accurate, timely contract information, so they have visibility into things like contract expenses, revenue, and more.

What specific concerns do CFOs have when it comes to contract management? This article shares four things CFOs expect from an effective contract management process.

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5 Tips for Effectively Tracking and Monitoring Contracts

Every contract manager has a system in place for tracking and monitoring agreements throughout the contract lifecycle. While some rely on manual methods, others find ways to automate parts of the process to save time and reduce risks.

However you decide to stay on top of contract details, there are best practices to consider that can help you accomplish these tasks more effectively. This article shares five tips for tracking and monitoring your contracts.

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ContractWorks Introduces a Fresh Look with Added Functionality

At ContractWorks we value our client’s feedback and work hard to ensure our software remains a leader in ease-of-use and adoptability. That’s why we have updated the look and feel of our product to make it more intuitive than ever before, and added functionality to further streamline the work process. Here’s what users can expect from our latest update:

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The Top Myths About Adopting Contract Management Software

While contract management software helps businesses of all sizes manage corporate agreements more effectively, there are still companies that are hesitant to seriously consider a solution. A few common misconceptions about adopting a contract management solution cause some teams to shy away from software, but these are primarily based on outdated information or a bad experience with one provider, highlighting the need for greater discussion.

If you’re struggling to manage your contracts effectively, but haven’t looked into solutions to help improve the situation, it may be because one or more contract management software myths are getting in the way. Here are four myths about adopting contract management software and the reality that might change your views. 

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An Introduction to Online Contract Management

Anyone who relies on a manual contract management process knows the struggles and frustrations that come with it. If this is the case for you and your team, you’ve likely run into one or more of the following situations that hampered your ability to do your job:

  • You can’t find or access a specific contract 

  • You don’t have the contract information needed to make timely, informed decisions

  • You spend an inordinate amount of time working through tedious, time-consuming contract tasks, which prevents you from focusing on more valuable business activity 

Moving to an online contract management process can help you address all of these common challenges and more. Below is an introduction to online contract management and step-by-step tips to help you get started.

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Comparing Contract Management and Matter Management

Corporate legal departments are always looking for opportunities to reduce legal spending and are bringing more responsibilities in-house as a result. While this can often help control spending and minimizes a legal team’s reliance on outside services, it also creates more internal processes and tasks that need to be managed efficiently so members of the legal department can continue to focus on higher value initiatives.

To help streamline these tasks and responsibilities, teams are turning to software solutions that are designed to ease the burden of managing various legal department activities, including contract management and matter management.

This blog takes a closer look at contract management and matter management and how software solutions help legal departments accomplish these tasks more effectively.

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New Ebook: Online Contract Management 101

Online contract management. What is it? Who needs it? And how can it help you prepare for unexpected business challenges?

For a business to thrive, you must have tools and processes in place that enable your legal, finance, and business teams to meet goals and objectives efficiently, but also allow you to adapt to unforeseeable circumstances. When it comes to contract management, that means having a system that allows you to access corporate agreements at all times whether your team is in one office, working from home, or spread around the world.

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What General Counsel Expect from Contract Management

Legal teams, contract managers, and anyone else involved with the management and oversight of corporate agreements should know how to measure success and be able to make improvements when needed. One important part of this challenge is having a clear understanding of what is expected of you and what various stakeholders care about in the contract management process.

Of course every business is different and not every CFO or General Counsel is concerned with the same things, but there are some common trends and assumptions that can help shape your priorities when managing your contract portfolio. 

General Counsel will almost always have a strong interest in the way contracts are managed, and want those involved with the day-to-day management of agreements to keep a close eye on things like contract risk, visibility, and more. This article explores four things General Counsel expect from a successful contract management process.

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3 Ways to Automate Your Contract Management Process

Successfully managing corporate agreements throughout the contract lifecycle requires great attention to detail, patience, and discipline. It also takes a lot of time.

That’s why legal teams, contract managers, and others who regularly work with contracts search for any opportunities to streamline various parts of the contract management process, and introduce automation when possible.

Whether you are responsible for 30 contracts, 300, or 3,000, there are steps you can take to manage these important documents more efficiently, so you can free up time to work on other tasks and business initiatives. Here are three ways to automate your contract management process.

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