4 Tips for Better Outcomes in Contract Management

Company leaders often find the contracting aspect of running a business risky and frustrating. Nonetheless, entering into these legally binding agreements is something that businesses have been doing and will be doing for centuries. Despite this reality, it is often surprising how many companies fail to devote sufficient resources to this part of their operations. In many cases, once legal counsel has negotiated and drafted the agreement, the actual administration of the contracts is often neglected in favor of other pressing matters. Of course, this can become a costly oversight given the legal and financial ramifications associated with contract breaches. Here are 4 tips for ensuring better contract management outcomes:

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4 Common Pitfalls that can Derail Contract Management

As contract management teams know all too well, overseeing a large contract portfolio can be downright complicated. As the portfolio grows, it becomes increasingly important for the team to stay organized and committed to implementing its contract management strategy. Unfortunately, even the best laid plans can go awry, and there are certain pitfalls that are more prevalent than others. Here are four common pitfalls that can derail contract management and some tips to avoid them:

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How to Get Stakeholders To Support Your Procurement Efforts

Every company obviously has various stakeholders with varying levels of influence and power from the investors to the board executives to middle management to lower level employees. Given their varying interests and responsibilities, these stakeholders often have different views with respect to what is significant and what is perhaps less important. Procurement professionals have a very discrete skill set and business goals in mind to fulfill their objectives. In many cases, however, those goals and objectives do not always perfectly align with those of the stakeholders within the larger organization. The procurement folks are tasked with establishing workable supply chains while seeking maximal value as they simultaneously try to ensure cost savings. This may run a bit counter to what professionals in other departments are accustomed to worrying about, and when different departments have an incongruent focus this can lead to friction and stall operations. Here is how to get stakeholders to support procurement efforts:

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How to Solve Communication Issues in Manufacturing Procurement

Across all sectors, strong relationships are integral to successful contracting arrangements. Of course, communication is one of the most critical aspects of a good working relationship. In many contracts, there are a ton of intricate details and multiple steps involved in each phase of the contracting process. Manufacturing tends to be particularly detailed and each link of the supply chain is crucial to the next. Thus, any disruption in manufacturing procurement can have significant consequences on the entire production process. This is why solid communication among parties is absolutely key. Here are some ways to avoid communication issues:

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5 Soft Skills for Contract Management Success

Successful management, both contract and otherwise, really boils down to cultivating solid working relationships. Obviously, the economics of a deal and the business operations of the parties involved are important facets of a smooth transaction. But, the knowledge and skills of the folks behind the scenes are equally important, if not more so. The team members’ soft skills are always relevant to how matters play out, especially when things go slightly awry, which is likely to happen in some form or fashion.

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