5 Things That Can Go Wrong With Contract Lifecycle Management Software (And How You Can Avoid Them)

While most companies recognize the importance of contract management software, ineffective implementation can leave execs feeling disappointed. Failing to achieve contract management improvements is especially frustrating for the employees who made the case for purchasing the software in the first place. You identified that the old system wasn’t working, and the contract lifecycle management software the company bought said it would save money and lower risk. What’s gone wrong?

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4 Key Contract Performance Metrics

It is often difficult to discern the success of a contract when the subject matter of the agreement is more complex than the delivery of a single item in exchange for a payment. A lot of business contracts can last for several years and may involve a series of actions, deliveries, and/or payments from one or both sides. Nonetheless, contract performance is critical to managing a company’s contract portfolio, and it obviously has significant influence on the bottom line. As a result, the contract management team must have clear metrics by which to measure performance. Here are four key metrics that can be used to evaluate contract performance:

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CLM Solutions vs. Outdated Practices: Why CLM Wins Every Time

A frequent remark we hear from managers and counsel overseeing contract management is, “We know we need a better system, but this isn’t the right time.” The fact is, a poor system is often to blame for consuming too much of a department’s time.

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