4 Tips for Better Outcomes in Contract Management

Company leaders often find the contracting aspect of running a business risky and frustrating. Nonetheless, entering into these legally binding agreements is something that businesses have been doing and will be doing for centuries. Despite this reality, it is often surprising how many companies fail to devote sufficient resources to this part of their operations. In many cases, once legal counsel has negotiated and drafted the agreement, the actual administration of the contracts is often neglected in favor of other pressing matters. Of course, this can become a costly oversight given the legal and financial ramifications associated with contract breaches. Here are 4 tips for ensuring better contract management outcomes:

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Customer Training Webinar Series

ContractWorks is pleased to announce a series of five customer training webinars beginning this Thursday, April 20, 2017 with How To Create Tags & Templates at 10am PDT. 

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4 Ways Contract Automation Can Save You Time In The Contract Lifecycle

The saying, “Time is money,” frankly doesn’t do time justice. Money can be spent and earned back. Time, once wasted, is gone forever. Feeling pressed for time is one of the most common, and most stressful, problems contract managers deal with in the workplace. Employing a smart contract management system can help make precious time count.

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How Contract Management Can Impact Your Company's Financial Success

Contracting is a necessary facet of running a business, with many companies entering into multiple contracts on a daily basis. Of course, given that contracts are legally binding, enforceable agreements, they can carry some pretty significant consequences. Unfortunately, the management phase of the contracting cycle is often overlooked, as emphasis is placed more heavily on the front end of the contracting cycle, which involves negotiations and drafting. This is clearly an erroneous oversight because poor contract management will no doubt result in negative financial outcomes. Here are some key ways that inadequate contract management can impact a company’s financial success.

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To Build or to Buy?: Electronic Contract Management System

Contract management, in one form or another, is a necessity for most organizations. Before falling back on an informal system, or jumping to purchase the contract management software with the most bells and whistles, assess what your organization needs for a contract management system to be effective.

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3 Ways to Eliminate Bottlenecks With Contract Management Procedures

Bottlenecks can hold up what initially seemed like a straightforward contract approval process. The good news is that making a few adjustments to contract management procedures may eliminate frustrating bottlenecks altogether.

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How Small Businesses Can Avoid These 3 Contract Management Mistakes

Effective management is critical to running a successful business, and this necessitates strong oversight for every facet of a company’s operations. Unfortunately, a company’s leadership team often becomes embroiled in a few discrete matters to the detriment of many others. Some aspects of a business may be overlooked from time to time without consequence, but contract management is not one of them. Contracts impose binding, legal obligations and can have some pretty significant financial ramifications, especially for smaller businesses with fewer resources at their disposal. As a result, crafting a coherent contract management strategy and implementing a practical contract management solution are vital to averting a potential disaster. Here is how the right contract management solution can help small businesses avoid these far too common contract management mistakes:

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Why Relationships Matter Most in Effective Procurement

Outsourcing can deliver much more than just a lower-cost model, and it can create opportunities to harness added value through redefining the procurement approach.

There is a shift towards developing effective partnerships and transparency during the procurement process to achieve better outcomes for all.

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Cloud Contract Myths Debunked

Myth: Contracts Can Be Managed With a Spreadsheet

Reality: Granted, this may not be a complete myth if your company has less than ten contracts in its portfolio. However, it is unlikely that many companies carry so few contracts. Many employment relationships are governed by contracts, as are supply chains, technology systems, and professional services. As a company grows, it will no doubt find itself entering into more and more contracts. This will make the management process increasingly complex and cumbersome spreadsheets likely won't cut it. Company leaders may be resistant to investing in a cloud-based solution when there are seemingly attractive alternatives they can use for free. But, the reality is that any free online service is not going to offer the same level of security, sophisticated features, or round the clock tech support that a reputable, purpose-built contract management solution will provide.

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4 Common Pitfalls that can Derail Contract Management

As contract management teams know all too well, overseeing a large contract portfolio can be downright complicated. As the portfolio grows, it becomes increasingly important for the team to stay organized and committed to implementing its contract management strategy. Unfortunately, even the best laid plans can go awry, and there are certain pitfalls that are more prevalent than others. Here are four common pitfalls that can derail contract management and some tips to avoid them:

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