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.Read More
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:Read More
The convenience and rapid advancement of technology continue to make starting and running a business easier and cheaper. There is no need to waste time and money on outdated processes and systems that rely on large amounts of paper documents and bulky filing cabinets. Cloud computing has allowed companies to simplify document management, and more and more companies are making the transition to becoming (almost completely) paperless offices.Read More
This is the second in a two-part blog series covering the basics of contract management software.
In our previous post, we covered the beginning of the basics of contract management software: contracts database, milestone alerting, and management reporting. Today, we’re going to review three more ways contract management software helps companies work more efficiently.
This is the first in a two-part blog series covering the basics of contract management software.
Contracts are a vital and unavoidable part of doing business and implementing some sort of contract management system is a necessary albeit time-consuming process. As many companies grow, they use spreadsheets and email for contract management. Contract management software, purpose-built to streamline this process, is much more efficient. The problem is, however, that there are a ton of different software providers, all with a myriad of features, and it can be tough to know where to start.
For businesses juggling a lot of relationships, whether client or vendor, relying on spreadsheets may be necessary to keep track of all the moving pieces. Spreadsheets can be used to capture and condense bits of information, such as important dates and contact details. However, when it comes to managing critical company matters, such as those that affect expense budgets, supply lists, key milestones, and so forth, utilizing spreadsheets to monitor this information may not be wise for a number of reasons. In particular, companies that rely on spreadsheets for contract management may want to reconsider this approach for the following reasons.Read More
A lot of companies struggle to become more efficient, cut costs, and increase their profits. Contract management, in particular, may divert a lot of company resources if it isn’t handled properly. Under-optimized contract management systems may result in improper or inadequate contract compliance, which inevitably leads to wasted dollars.Read More
Cyber security is a hot topic right now. Corporations of all sizes are being hit with very public data breaches that cost millions. Cyber security can be an after thought with contracts, though it is very important as data breaches rise. Contracts both set requirements for what should happen in the event of a cyber security breach, as well as contain confidential company information that could prove harmful if compromised as the result of a breach. As with any important company asset, contracts should be treated securely. Below are two tips to help with company security surrounding contracts.Read More
We live in a contractual world. Regardless of a business’s size or scope, negotiating and signing contracts is an important (and fairly routine) part of operating a business. Depending on the complexity of the matter, it may be wise to involve legal counsel prior to entering contractual obligations. Of course, plenty of executives are adept at the art of contract negotiation, so experience and custom may dictate whether legal advice is necessary. No matter who finalizes an important contract, once it has been executed, it can’t simply be filed away and forgotten about.Read More
As companies grow, they accumulate more and more contracts. Eventually, contract owners start tracking important dates in a spreadsheet or Outlook so they don’t forget them. But this ad hoc way of managing contracts gradually becomes unwieldy, risky and costly. The question is, what is that point, and how do you know it’s time to consider a more purpose built solution?