3 Things to Look for When Cutting Costs in Contracts

Many legal teams are responsible for managing contracts that dictate how an entire company operates, including agreements every department has with various vendors, suppliers, and other business partners. Due to these responsibilities, legal teams are also commonly tasked with quickly finding opportunities to reduce company overhead by cutting costs in contracts.

To expedite the process and find the most immediate and impactful opportunities, it’s important to know what to look for and where. Here are three things to look for when cutting costs in contracts.

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ContractWorks Helps Annkissam Manage Rapid Contract Growth

Like many businesses with a growing contract portfolio, Annkissam, a healthcare technology company, reached the point when their manual contract management processes and spreadsheets were no longer robust enough to meet their needs. The company was growing quickly and adding a high volume of new clients, which created more contracts and more milestones and dates to track and manage. It was clear that dedicated contract management software was needed for the Annkissam team to operate efficiently and effectively manage their rapid growth.

Here's a look at how Annkissam has taken control of their contracts with help from ContractWorks. 

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Why Reporting is Critical for Contract Management Success

Contract management is more than organizing your corporate agreements and tracking important dates and deadlines. A strong contract management process also incorporates performance monitoring and reporting, which provides greater contract insight and opportunities to optimize your processes going forward. 

Analyzing past contracts and reporting on the results can help drive your strategy for future contract negotiations, while also demonstrating to stakeholders what's working and what isn't.

Below, we’ll discuss 6 reasons why reporting is critical for contract management success.

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Ebook: A Guide to Controlling Contract Costs

Your legal team has an important role to play when your business is looking to reduce expenses, and your contract portfolio should be the first place you look for solutions. By understanding the specific details contained within your agreements, you can simultaneously reduce the risk of missing key contract deadlines and identify the most significant opportunities to reduce spending across your organization.  

Terminate, Renegotiate, or Renew? A Guide to Controlling Contract Costs offers practical tips for legal teams looking for ways to cut costs across your organization.

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4 Tips for the Modern Contract Manager

What does it take to be an effective contract manager in today’s business landscape? In addition to a lot of hard work and the right attitude, it’s also beneficial to learn the ins and outs of both your industry and your company’s contracting process.

Below are four tips to help the modern contract manager succeed in this often challenging role.

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3 Tips for Legal Teams Shifting to a Remote Work Environment

In response to current events, many businesses are quickly implementing temporary remote work policies for their employees, requiring a reassessment of corporate operations, policies, and procedures. Although the work-from-home movement has been steadily gaining steam in recent years, there are plenty of organizations that are unprepared for this major change. 

Maintaining business continuity when away from the office is especially important for your in-house legal team. Tasked with the responsibility of staying on top of the details in your company’s legal documents, implementing and refining corporate policy, and ensuring critical corporate communications comply with company protocols, your team must operate effectively at all times, especially when business operations require quick modification.

But beyond business operations, this time of uncertainty also has a real human impact on individuals. The sudden transition to a remote environment can leave employees feeling unclear about priorities and expectations, and disconnected from colleagues and company culture. The good news is that with a little planning, communication, and a few simple tools, your team can feel some sense of normalcy when away from the office.

Here are three ways to help your legal team succeed in a remote work environment.

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What to Expect as a New Corporate Counsel - Part 2

Adjusting to a general counsel role can be especially difficult because you won’t succeed by simply being an excellent lawyer, or having a thorough understanding of industry regulations, or knowing how to expertly mitigate and reduce risk. You have to excel at all of those things (and more), in combination with having a strong background in business strategy and an ability to manage others, all while successfully navigating organizational bureaucracy. 

Having an idea of what to expect can help make for a smoother transition into the corporate counsel role. Here are some things to expect in your new position.

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What to Expect as a New Corporate Counsel - Part 1

As a new corporate counsel, there’s a good chance you’re still going through the onboarding process and trying to get a full grasp on the status of all the responsibilities you just inherited. Even if you’re an experienced GC and have worked in many different industries at companies of all shapes and sizes, taking over such a significant position is never an easy task, and it can take months to truly feel comfortable in your role.

You clearly have a lot on your plate as corporate counsel, but knowing what to expect can help make for a smoother transition. Here are some things to expect in your new GC role.

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What Is Contract Lifecycle Management?

For any agency or organization that works with contracts on a regular basis, the concept of contract lifecycle management (CLM) is likely a familiar one. It's no secret that CLM plays a vital role in any organization that leverages legal agreements. Specifically, CLM is used to track and manage every aspect of a contract for its performance, compliance, and other success factors and through every stage of the document's lifecycle (from execution to renewal or expiration). The management process itself begins when a contract is proposed and continues throughout the delivery of the promised good or service and into contract renewal.

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5 Questions to Ask Contract Management Software Providers

During your search for contract management software, you will undoubtedly reach the natural point in the process where you compare and contrast a long list of features offered by a number of software vendors. Choosing the software that comes with the most robust feature set is one way to make a decision, but it won’t necessarily guarantee that you’re getting the best value or the best solution for your specific needs.

Here are some questions to ask during the contract management software search that should help you decide whether you can realistically implement and adopt the software and ultimately achieve long term success working with the vendor.

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