Recent Posts by Tara Naughter

Electronic Signing in ContractWorks Just Got Better:

Now’s a great time to start digitally signing in ContractWorks. Our built-in electronic signature feature has been enhanced with powerful new features to help you quickly and easily get your documents signed. Read on to learn more.

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Are You Maximizing ROI from Your Current Electronic Contract Strategy?

An effective contract management strategy is designed to help your organization reap the greatest benefits – and reduce risks such as penalties or lost sales – along the way. But if you’ve ever questioned whether your current strategy, and the contract management software you’re using to support it, are delivering the full benefits you're hoping for, you wouldn’t be alone: according to the International Association of Contract and Commercial Management (IACCM), just one third of sales people believe their organization’s contract management process is effective at maximizing value and minimizing risks.

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Contract Management Procedures: 4 Reasons Why Excel Won't Cut It

One of the biggest challenges of contract management is finding a solution for dealing with volumes of contracts that can reach the tens or even hundreds of thousands. Though cost-effective software solutions exist that help organizations seamlessly manage each stage of the contract lifecycle, it’s also easy to understand why manual tools such as Excel spreadsheets are so popular.

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3 Benefits of Automating the Contract Tracking Process

It’s not uncommon for contract management to be approached as a top-heavy proposition. This means that organizations invest a great deal up front in preparing to enter contract negotiations, planning optimal positioning, authoring and negotiating contract details and, finally, getting the document signed. But once the ink has dried – whether literally or, given the increasing availability of e-signature tools, figuratively – it’s not uncommon for contracts to be stored away in filing cabinets or on shared drives, and not referred to again until it’s either time to renew or problems arise.

If your organization’s approach to contract management is sign it and forget it, there’s a good chance you aren’t reaping the full benefit of those agreements you’ve invested so much time and effort to negotiate. Research from the International Association of Contract and Commercial Management (IACCM) found that as many as 40 percent of contracts don’t deliver the financial benefits that were intended. If you’re among those who believe their contracts have underperformed, financially or otherwise, it may be that taking this top-heavy approach is the reason why.

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A Guide to Aligning Supplier Contract Management With Your Sales Processes

Just a little more than half of sales teams achieve their annual company sales targets, while 44 percent say they struggle not only to hit their numbers but to do so profitably. Considering that there is no clearer marker of success in sales than a signed contract, it follows that stronger contract management processes can only improve sales metrics.

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Three Types of Agile Contracts

Contracts have long been considered fixed instruments with clear mandates and harsh consequences for failure to comply. For years, there was an unwavering rigidity in the way that contracts were negotiated, drafted, and managed. The idea was for parties to recognize the contractually written obligations as fixed, with the rules for performance clearly stated and necessitating near perfect obedience. In general, the price, scope, and duration of the contract were clearly defined, and there was little room, if any, for deviations.

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Government Contract Management Software: 5 Time-Saving Features

Without the right tools, effectively managing huge volumes of contracts can be a complicated, time-consuming task – even more so if you’re dealing with government contracts, which carry far stricter requirements than those typically seen in the private sector. Guidelines around acquisition planning, contract formation, pricing and all aspects of contracts and their management, whether at the local, state or federal level, place an added layer of complexity to the tasks associated with contract management. 

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Contract Management System Strategy and Execution: A Guide to Aligning Both

Your contract management strategy should define the goals of your organization’s approach to contract management as well as the solution for achieving them. But in order to bring your strategy to fruition, you also need an execution plan that details all of the steps and actions that will be required to achieve your goals. More simply, your strategy is what you want to do and your execution plan is how you are going to do it.  

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Various Contract Management Software Vendors – Which Is Right For You?

Switching from spreadsheets and other manual contract management solutions to software can be a powerful change agent for organizations. An end-to-end contract management software solution can help you to eliminate bottlenecks, reduce the risk of missing important contractual milestones, and help your organization realize the full benefits of its agreements.

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3 Common Pitfalls of Legal Contract Management and How to Avoid Them

Though they’re designed to reduce risk and maximize profit and opportunities, it takes more than just signing and then filing away a contract to realize these benefits. Poorly-managed contracts can be time-consuming, creating backlogs and bottlenecks for legal teams. They can also be expensive: according to the International Association of Contract and Commercial Management (IACCM), nearly 40 percent of contracts don’t deliver the financial benefits they were intended to. On the flip side, IACCM also found that good contract management can help businesses grow their bottom lines by nearly 10 percent annually.

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