The Most Important KPI's for Contract Management

The only way to ensure that your company is operating efficiently is to establish clear goals, along with key performance indicators (KPIs) to determine whether those goals are being met. This is true regardless of which facet of the business you are seeking to manage. With respect to contract management, it may be difficult to identify which KPIs make the most sense to monitor because contracts vary so much from one situation to the next. 

Broadly speaking, however, the best KPIs for contract management are ones that are "SMART," meaning they are specific, measurable, achievable, results-oriented, and time-constrained. Thus, irrespective of the type of contracts your company is managing, here are some of the most important KPIs: 

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Corporate Counsel and Contracting

As many folks know, a big part of an in-house attorney’s day involves reviewing contracts, discussing contracts, drafting contracts, and reviewing contracts some more. It does not matter what size the company is, what sector it is in, or what product it is providing, contracts are unavoidable. Contracts are actually anxiety-inducing for a lot of people because of the potential impact they can have on the business, especially the company bank account. For attorneys, contracting is a pretty standard practice, but we have heard that it presents its fair share of challenges for them as well. Here is a rundown on some of the biggest issues in-house counsel encounters when it comes to company contracts:

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The Many Facets of Contracting Part 5: Contract Drafting

This is the fifth and final installment in this blog series. Click on the links below to access any of the other four entries: Part 1, part 2, part 3, and part 4

 

Contract management requires quick thinking and a keen attention to detail. As a result, it is crucial that a company's contracts are drafted well. Here are some things to consider when drafting contracts to ensure that the final agreements are actually manageable.

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Investing in Contract Management Software: 5 Must Haves

Once your company has made the decision to invest in contract management software, it may be overwhelming trying to figure out which service to select. Many services likely appear identical on the surface, but the fine print will no doubt paint quite a different picture. When choosing a contract management solution, here are five things the service must have:

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Simplicity: The Future of Contract Management

For quite some time, negotiating and drafting contracts and the ensuing management of those agreements was a complicated (albeit primarily administrative) process. Different people within a company handled different steps in the contracting process, and communication among those members was usually less than ideal. As a result, contract disputes became all too common and companies spent a fortune on enforcing, litigating, and rectifying contract breaches. 

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Managing Contract Changes

Change is inevitable. And, just because contracts are supposed to be fixed agreements does not mean that they will escape this inevitability. Circumstances change, needs change, prices change, technology changes, demands change, and basically anything contained within a contract is subject to change at some point. Changes to a contract may not be ideal, but it is bound to happen eventually, and it is an increasingly frequent occurrence. Obviously, contract changes complicate the contract management process, but it does not have to derail things altogether or lead to disputes. Here are a few simple ways that the contract management team can effectively handle contract changes:

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The Many Facets of Contracting Part 4: Contract Negotiations

This is the fourth entry in a series dedicated to the many facets of contracting, as well as how each particular facet and all its relevant components relate to contract management. You can read Part 1 here. You can read Part 2 here. You can read Part 3 here.


During contract negotiations, the parties' goal is to reach a mutually acceptable agreement. Unfortunately, during this phase of the contracting process, both parties are primarily focused on risk allocation and revenue maximization. As a result, there sometimes isn't much thought or effort put into what has to happen once the ink has dried on a finalized agreement. However, the manner and outcome of the negotiation process will have a tremendous impact on contract management. Here are some things to consider during the negotiation process:

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4 Ways Reactive Contract Management Can Cost Your Business

Running a business involves multitasking, prioritizing, and constantly revisiting how best to multitask and prioritize. More often than not, there simply aren't enough hours in a day to get everything that they need to do done. Certain things get postponed to the next day or the next week or even the next month. Because of the constant juggle, people have a tendency to put off doing things that don't seem pressing in the immediate future.

This is particularly true when it comes to addressing contract matters because contracts tend to span a fairly significant period of time. As a result, the contract management process often takes a backseat and the management approach becomes reactive in nature. Unfortunately, reactive contract management can end up costing companies a lot of money. Here is why you should avoid reactive contract management at all costs:

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The Many Facets of Contracting Part 3: Phases of Contracting

This is the third entry in a series dedicated to the many facets of contracting, as well as how each particular facet and all its relevant components relate to contract management. You can read Part 1 here and Part 2 here.

 

If you are reading this, then it is fairly likely that you are already somewhat familiar with the phases of contracting. However, depending on your role in the contracting process, you may be more comfortable with or play a larger role during one particular phase. Regardless, it is important for anyone involved to think about how each phase will impact contract management because that is really when proper performance is at stake. Here are the primary phases of contracting and their interplay with managing the finalized agreements:

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Cloud Security Got you Down? 5 Things to Look for in Providers

Cloud computing has become the way of the world. Computers, mobile phones, wearable devices, and just about everything tech-related all seem to connect to the cloud now. But, when it comes to some company information, it is important to be careful about what is going into the cloud and who is controlling that cloud. This is especially true for contract management software.

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