Tips For Selecting A Contract Management Software Provider

If you’re reading this blog post, you probably realize that your company could benefit from using a contract management software. And if you’ve already started looking for it, you realize that the number of options out there is almost paralyzing. With that in mind, we’ve compiled a few tips to get you started on narrowing down your focus:

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5 Key Actions of Strategic Contract Managers

Contract managers will always engage in the negotiation, implementation, and management of a company’s contracts to some degree. However, the role of a contract manager has been gradually changing as the global economic landscape continues to shift and evolve. These days, a contract manager must do far more than serve in an operational capacity, as they had traditionally done for quite some time. Now, the scope of a contract managers's day-to-day responsibilities also entails a great deal of strategic evaluation, planning, and execution. Contract managers must, of course, continue to manage contracts diligently, but they must also actively monitor compliance, analyze performance, and make strategic changes as appropriate in order to promote the growth of the company.

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Effective Contract Management a Necessity Amid Financial Regulations

The financial services industry is one of the most heavily regulated sectors of our economy. There is Dodd-Frank and Sarbanes-Oxley to contend with, among so many others. There is also the myriad of acronym-labeled organizations and agencies, on both domestic soil and abroad, tasked with overseeing the enforcement of these rules and regulations or the investigation of companies or individuals believed to have breached them. Granted, there have been a few outrageous dealings and unscrupulous scandals (okay, maybe more than a few) that had a rather significant impact on the economy at large. Because of these unfortunate occurrences and their considerable or lingering repercussions, some level of increased scrutiny and heightened disclosure rules was to be expected. Not surprisingly, this increased level of scrutiny also applies to how a financial services firm manages its contracts.

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When Contracting Requires Subcontracting: Plan for Success

Contract managers know that keeping track of different contracts and their many terms and conditions can be rather complicated. It takes serious organization and diligent monitoring to ensure that contractual obligations are met and responsibilities fulfilled. This can become even more difficult when a company’s contractual duties require a subcontracting plan, which will generate additional contracts with even more clauses to oversee. Additionally, there may be multiple individuals involved in a company’s general contract management process and different personnel needed to supervise any subcontracts.

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Managing Increasingly Complex Global Manufacturing Contracts

There have been drastic changes in the manufacturing sector over the last few decades. In fact, it is pretty clear that the manufacturing process itself has become a global activity.

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Proper and Consistent Contract Management Vital for Due Diligence

Most companies are bound to go through a due diligence investigation at some point, and this is particularly true for startups. It doesn’t matter whether a company has been through the due diligence process dozens of times or is experiencing it for the first time, it can be a downright daunting experience. Some due diligence investigations will drag on for months on end, and the request for documentation often seems never-ending. However, with the right preparation and organization, a due diligence investigation can be a relatively hassle-free, even routine course of action.

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Technology Forecast for Contract Managers: Clear Skies, Light Breeze

The vast majority of contract managers track and manage their contracts in Excel, where the information lies tethered to the desktop or a folder that only one or two people have access to. Could you imagine a sales department that kept all their contacts in a spreadsheet individually? What about an accounting department that tracked debits and credits in a spreadsheet and did payroll by handwriting checks? And yet, while sales, accounting, and marketing departments have embraced online technology that has been purpose built for them, contract managers have been left out in the cold.

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Managing Contract Risk - Importance of A Contract Management Process

Contracts are at the heart of virtually all business transactions. However, because contractual relationships vary drastically within and between companies and sectors, not all contracts can be treated in the same manner. Managing contract risk is an important part of the contract management process. Doing so can ultimately help a company’s bottom line. And failing to do so can result in dire consequences, both financial and otherwise.

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How To Monitor The Performance Of Executed Contracts

Companies often consider the negotiation and approval of contracts as the complicated and time-consuming aspect of contract management. However, a lot of the real work starts once the deal has closed and all relevant documentation has been executed. Just because everyone has come to an agreement and has formalized the terms in writing, the parties involved cannot simply toss those written documents aside and forget about them.

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4 Goals of a Contract Management Process and Signs of Success

Contract management, while initially difficult to implement, is something that saves companies a great deal of time and money in the long run. Most companies begin to implement a contract management process relatively early on, be it a filing cabinet, spreadsheet, or some other system.

As a company grows, it might consider a purpose-built contract management solution, bringing with it an additional set of benefits. Regardless, business leaders in charge of a company’s contract management process must ensure that the system they employ will help the company to achieve the following goals:

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