How Contract Management Supports Strategic Decision Making

Every facet of contracting - from the initial negotiations to the management of executed contracts - impacts a company's budget and operations. For this reason, managing a company's contract portfolio and strategic decision making must be properly intertwined. Here is how contract management supports strategic decision making:

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The Many Facets of Contracting Part 2: Contract Types

This is the second 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. 

 

A contract isn't just a contract. Granted, contracts are agreements that are created to impose enforceable obligations, but there are actually quite a few different types of contracts. Here are a few of the more prevalent types of business contracts, along with their relationship to the contract management process:

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3 Tips to Avoid Protracted Contract Negotiations

Contracting is an important part of everyday dealings for most businesses. Although contracts constitute an important business asset, they don’t often get the attention they warrant. This oversight can lead to unnecessary costs and lost revenue in the long run. One reason that contracting ends up being a drain on company resources is due to ongoing or contentious negotiations. Here are three ways to avoid protracted contract negotiations:

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Build Vs. Buy: Contract Management Software

Many companies have both the drive and wherewithal to solve their own problems, and this frequently involves the development of company-specific software to handle various business operations. There is a raging debate - okay, that might be an exaggeration - but there is definitely disagreement as to whether it makes more sense to build needed software solutions in-house or buy them from an outside source. Here are some of the pros and cons of both approaches when it comes to contract management software:

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The Many Facets of Contracting Part 1: Contract Basics

This is the first 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.

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A Defined Scope and Clear Goals Are Critical to the Contracting Process

Contracts come in all shapes and sizes. There are plenty of simple agreements and even more complicated ones. Unfortunately, contract disputes are fairly common, and they are often the result of ambiguity and misunderstanding. Fortunately, these issues are avoidable by adopting the following approach:

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Contract Management versus Relationship Management

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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