Enterprise Contract Management Is More Important Than You Think: So Who Needs It?

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.

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Does Your Company's Current Contract Management Process Actually Work?

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.

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Developing Effective Healthcare Contract Management Procedures and Standards

Ineffective contract management can cost a large organization hundreds of thousands of dollars annually. An even greater ongoing concern for healthcare organizations may be the potential civil and criminal penalties if poor contract management leads to compliance errors. Paying careful attention to contract management is one way healthcare organizations maintain strong reputations and avoid wasting resources and destroying reputations.

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Debunking 5 Myths About Contract Database Software

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.

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Healthcare Contract Management: Best Practices and Resources

Healthcare organizations regularly handle some of the most private information most individuals possess. They perform critical services, using cutting-edge (and expensive) technology. Adhering to compliance standards, meeting exceptional standards for patient care, and balancing finances at the same time may not quite be brain surgery, but it’s still complex work. The following best practices can reduce the risk of costly mistakes.

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The True Cost of Poor Contract Management

Independent research conducted by the International Association for Contract & Commercial Management (IACCM) suggests poor contract management costs organizations as much as 9% of their annual revenue. Here are some of the weakest points that cost organizations the most money.

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6 Contract Drafting Tips

Drafting contracts is not exactly the most exhilarating activity. Every word, comma, period, sentence, and paragraph of the document that eventually becomes a contract are critical to its existence and interpretation. As a result, getting a contract to an agreeable form necessitates painstaking precision. It is frequently said that negotiation is an art, and when it comes to contracting, both the negotiation and drafting of the agreement require a unique set of skills and knowledge. Here are 6 tips to drafting a strong contract:

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5 Contract Management Tips for Improving Supply Chain Performance

Establishing a steady supply chain is critical to successful procurement endeavors. Unfortunately, companies often have difficulty getting to this point due to a variety of intrinsic and extrinsic factors. Of course, contracting plays a significant role within the context of a company's procurement efforts, so good contract management is vital to improving supply chain performance. Here are 5 contract management tips for helping make that happen:

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CLM Solutions vs. Outdated Practices: Why CLM Wins Every Time

A frequent remark we hear from managers and counsel overseeing contract management is, “We know we need a better system, but this isn’t the right time.” The fact is, a poor system is often to blame for consuming too much of a department’s time.

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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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