7 Essential Stages of Contract Management

Lifecycle. Process. Whatever you call it, effective contract management doesn’t only involve developing agreements and getting them signed – it’s a series of actions that guide you from the earliest stages of developing holistic processes for handling each and every company agreement, through to the steps to seeing contracts through to their conclusion.

Having a clear understanding of what happens at each stage is an important way to ensure your contract management processes meet all of the requirements and objectives to deliver optimal results.

Here are the seven essential stages of contract management.

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Your Contracts Are an Untapped Resource

Contract management software can help businesses manage expenses and increase net revenue.

How?

By gaining greater control of their contracts.

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A Brief History of AI: And How It Has Already Affected You

Both at home and in the workplace, artificial intelligence (AI) has been hyped as a transformative force, improving the ease and efficiency of performing everyday tasks. “The future is now,” the tech blogs all tell us.

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The Importance of a Seamless Contract Management Experience

It’s a claim you’ve likely heard before: with such a large proportion of revenues tied to contracts, making the contract management experience a seamless one represents a key opportunity to improve bottom lines for many companies.

But in order to truly understand the business benefits of improving your approach to contract management – and to start to turn potential gains into actual ones – it’s helpful to unpack the statement and define both what seamless contract management looks like and the value it can deliver.

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5 Functions That Must Be In a Document Management Lifecycle

If you consider how people often treat business documents, it would appear that it’s common to view them as static items that fulfill a purpose at just a single point in time. As one example, take contracts: while a great deal of effort goes into negotiations, once an agreement is signed, it’s all too typical to file it away and never refer to it again. In other words, many treat the development of the contract as the primary objective, while managing the document after the fact is given little thought.

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Small Legal Teams Can Benefit from Contract Management Software

The right contract management software can be a game changer and a force multiplier for small legal departments. Here are some of the ways that small and medium-sized businesses can benefit by using contract management software.

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5 Ways AI Contract Review Can Improve Efficiency and Workflows

Business analysts regularly point to improving contract management as one of the largest opportunities within the enterprise to yield savings and improve profitability. According to a review from EY, “having commercially-efficient contracts, effectively managing these throughout their operational life and minimizing waste in business activities with suppliers, an organization can typically save between five percent to 15 percent of contract spend.”

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Cutting Through the Hype: AI and Contract Management

As Artificial Intelligence continues to capture the imagination of many industries, its true potential rests on how it is used. For legal departments, the promise of AI lies in its ability to take intricate, labor-intensive tasks and - through automation and machine learning- simplify and expedite workflows. While the possibilities and promises associated with AI are alluring, it’s important to take a more practical approach when it comes to introducing these new tools to your department.

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Understanding Enterprise Contract Management Software

Effective contract management represents one of the greatest opportunities within the enterprise to reduce business risks and improve profitability – according to one recent survey of federal contractors, a whopping 92 per cent of respondents said effective contract management is “essential” to their organization’s success.

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Legal Teams of Any Size Can Use Contract Management Software

Whether you’re a team of one or twenty, there are certain challenges every legal department faces, and that’s especially true when it comes to contract management. If your old tools aren’t up to the task, or if you see growth and change hovering on the horizon, now is the time to reimagine your contract management.

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