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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New Feature Release: Introducing Built-In Electronic Signature

Our clients asked and we listened! ContractWorks Contract Management Software now comes standard with built-in electronic signature for quick online contract signing.

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Smart Contracts Vs. Traditional Contracts

Contracts are often looked upon with disdain because they are the source of so many business and legal conflicts. However, when contracts lead to discord it is often due to the fact that they were not drafted well or there was a massive communication breakdown that lead to oversight issues. In an effort to avoid convoluted contract disputes, attorneys and other business professionals have been looking for ways to revolutionize business arrangements that still carry the force of the law. A prime example of this is the emergence of smart contracts, which are basically computer-generated agreements. Here is a look at the difference between aregular old contract and the allegedly smart version:

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4 Trends in Contract Management

Contracts have been around for a very long time, but the way in which they are managed has changed drastically, especially in the last decade. Most businesses have transitioned to cloud computing, with many even going so far as to conduct their operations in a completely paperless fashion. Even contracting, a traditionally document heavy facet of business operations, is primarily completed in an electronic format, particularly given that the signing of contracts can be done online now. The contract management process will likely continue to evolve as the business climate does, but here are four notable trends happening now:

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Why You Need An Electronic Contract Management System

Efficient and accurate processes are an important, though often overlooked, facet for businesses to optimize in order to meet goals. Unfortunately, many businesses are using outdated methods of document and contract management and fail to realize the impact this practice can have on productivity and overall success. One of the most practical and simple means of boosting business efficiency is making the switch to an electronic contract management system.

 

Through the use of CLM (contract lifecycle management) software, businesses can streamline workflows by having a centralized location for the storage and access of contracts and other important data. Search functions and customizable access management help to reduce the amount of time and resources spent granting access to documents and searching for information manually. And if you choose a solution with unlimited storage, you'll have the convenience of having all of your business's crucial contracts and documents in one place.

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Contract Management Features: How They Can Increase Productivity and Lessen Risk

If your company has never purchased contract management software before or is planning to switch from an outdated system, it can be a daunting task. Instead of getting bogged down comparing features between programs, business executives should first ask two simple questions:

 

  1. How will this feature help employees improve their work and efficiency?
  2. How will it protect the company from risk?

With those questions in mind, here’s how to analyze key contract management features to maximize productivity and security.

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How to Get Stakeholders To Support Your Procurement Efforts

Every company obviously has various stakeholders with varying levels of influence and power from the investors to the board executives to middle management to lower level employees. Given their varying interests and responsibilities, these stakeholders often have different views with respect to what is significant and what is perhaps less important. Procurement professionals have a very discrete skill set and business goals in mind to fulfill their objectives. In many cases, however, those goals and objectives do not always perfectly align with those of the stakeholders within the larger organization. The procurement folks are tasked with establishing workable supply chains while seeking maximal value as they simultaneously try to ensure cost savings. This may run a bit counter to what professionals in other departments are accustomed to worrying about, and when different departments have an incongruent focus this can lead to friction and stall operations. Here is how to get stakeholders to support procurement efforts:

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4 Ways High Tech Companies Can Benefit From A Contract Management Solution

There is a good chance that if your company is high tech, then it already employs a range of online solutions to facilitate business operations. These days, there are solutions available for virtually every facet of a company from human resources to fiscal planning. Of course, some companies may prefer not to invest in certain types of business solutions, but basing the decision on economics alone is definitely a mistake. There is sufficient competition in the SaaS market that businesses of all budgets can find what they need at the price that they are able and willing to pay. And, when it comes to certain business operations, it would be downright foolish to waste manpower on some of the more tedious aspects of overseeing a contract portfolio. After all, reputable contract management solutions are purpose-built to meet the pressing needs of a company with a busy or complex portfolio. Here are 4 ways high tech companies can benefit by using a contract management solution:

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Healthcare Contract Security Is More Important Than You Think

Companies have a duty to protect their data, as well as any employee and client data with which they have been entrusted. Obviously, employment records contain sensitive details about individuals, and thus employment contracts and other related documents must be safeguarded. However, in addition to general employment records, many companies offer their employees health insurance, which also necessitates detailed paperwork. In some cases, companies may have healthcare-related contracts with firms better equipped to oversee these employee plans. Of course, other companies may have other types of healthcare-related contractsbased on their areas of expertise or industry involvement. Regardless of the type of healthcare information that a company has on hand or the reasons for entering into healthcare contracts, it is critical to ensure that any such data is vigilantly protected. Here is why healthcare data and contract security is more important than ever:

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