Contract Management versus Relationship Management: Are They One and the Same?

The simplest answer to this question is yes, but the reason for this is a bit more complex. It is no secret that the business environment is constantly evolving, and as things change, so do people’s expectations. These inevitable changes and shifting expectations are occurring at all levels. For example, leadership roles frequently expand and shrink, the responsibilities of employees fluctuate, and clients are becoming increasingly particular. Companies must be able to adapt quickly to meet these changing demands and remain competitive, and this requires strong management skills and processes.

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How To Calculate The ROI From Contract Management Software

As with any software purchase, a company will want to understand the ROI of contract management software before signing on the dotted line. We frequently hear this from potential clients- how do we quantify what this is worth to us? With that in mind, we've compiled a very basic ROI calculator. There are three main categories where companies experience the greatest ROI: Time savings, eliminating missed renewals, and avoiding contracts for duplicative services. Of course, the ROI can extend well beyond these three points but we'll cover these as a starting point: 

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2015 In Review: Our Top Contract Management Blog Posts

It's been an exciting year for us here at ContractWorks. We've learned a lot over the past twelve months and have used that knowledge to improve our product, improve our customer service, and improve the resources we provide for all people involved in the contract management process. In April, we launched our blog, and since then, we've posted around 75 posts on a wide variety of topics relevant to the world of contract management. Let's a take a look back at our five most popular contract management posts for 2015:

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Best Practices For The Management Phase of the Contract Lifecycle

There are many moving pieces leading to the execution of a contract between two parties. More often than not, the negotiating parties don’t really think about what will happen subsequent to finalizing the agreement. Unfortunately, this can make a contract manager’s job more stressful than necessary, and in some cases, will have negative consequences. During the negotiation and drafting of a contract, the parties involved need to think about the reality of executing and overseeing a contract and ensure a smooth transition to the contract management team. In addition, here are four things contract managers must take into consideration at the commencement of and throughout the manage phase of a contract lifecycle:

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Five Ways to Reduce Risk with Contract Management Software

There are risks associated with contracting, but many of the potential pitfalls can be avoided by adopting the right management approach and using contract management software. Here are five ways that contract management software reduces some of the most prevalent contract-related risks:

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Tips for an Easy Transition to Cloud Contract Management Software

Deciding to transition to a paperless office and implementing cloud-based solutions to facilitate that may seem like an intimidating feat. However, regardless of where your business currently stands, there is no denying that cloud-based applications help to simplify countless business operations, and contract management is no exception.

Here is the why, what, when, and how of making the transition to the contract management cloud:

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ContractWorks By The Numbers: Best Practices

When setting up customer accounts and in fielding customer service inquiries, we hear some questions repeated frequently. In response to requests from our customers regarding best practices, we did some number crunching.  Below is benchmarking data on how our customers are managing their contracts. Use it to measure yourself against other contract managers and the features they utilize within Contractworks:

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How Smart Leaders Protect Company Data

If the words privacy, confidentiality, data protection, and security strategy are not a part of your company’s discussions, then you may have a serious problem. These days, it is unlikely that any company is immune to the possibility of a security breach. It seems like almost every single week there is “shocking” news of a massive online intrusion, with analysts usually estimating that the personal data of millions of employees or clients may have been affected.

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Input Vs. Outcome-Based Contracting: The Basics

For quite some time, there was a traditional approach to contracting that primarily focused on delineating the specific way in which a relationship was supposed to work and the tasks and activities the other party was supposed to complete. Now, rather than outline every step of the process that will eventually lead to the desired result, companies are inclined to state what it is they hope to accomplish from any specific contract. This is known as outcome-based contracting. The benefits of this outcome-oriented, rather than input-based, approach include saving time, allowing leaders to exert their efforts elsewhere, cutting costs, and reducing the need for oversight, as explained below.

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Effective Communication Strategies for Contract Managers

As businesses engaged in high volume contracting know, there is so much more to managing a contract portfolio than merely monitoring a calendar. In the past, contract management often entailed an administrative role, but with an increasingly complex global economy and competitive business landscape, that is no longer the case. Now, savvy contract managers focus on improving performance and utilizing contract data to anticipate potential issues, improve a company’s margins, and even secure business. After all, with the evolution of technology, many of the tactical facets of contract management can be handled in an automated fashion, so contract managers are able to take an increasingly strategic approach to the management process.

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