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.Read More
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.Read More
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.Read More
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.Read More
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.Read More
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.