4 Vendor Management Best Practices

Choosing the right vendors is often critical to your company's success. Disorganized partners and bad relationships can lead to costly performance interruptions and even ruined reputations. Sometimes vendors are selected in haste or the firm that is offering the lowest price is chosen, but the old saying that you get what you pay for must be heeded. Here are four best practices when it comes to vendor management:

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The Difference Between Contract Management and Contract Administration

The terms contract administration and contract management are often used interchangeably. Although they share many similarities, at a granular level, they are technically different phases of the contract lifecycle. However, for many companies, the same team of professionals may be responsible for both facets of the contracting process, which is likely one of the reasons that people tend to conflate these terms. Deciding if these are related or distinct processes really depends on the size and resources of a company and whether the company has a specific team devoted to the contracting process. For smaller businesses, people often have multiple job functions, including the handling of all contract matters. Here are the primary differences between the two aspects of contracting:

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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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Cloud Contract Myths Debunked

Myth: Contracts Can Be Managed With a Spreadsheet

Reality: Granted, this may not be a complete myth if your company has less than ten contracts in its portfolio. However, it is unlikely that many companies carry so few contracts. Many employment relationships are governed by contracts, as are supply chains, technology systems, and professional services. As a company grows, it will no doubt find itself entering into more and more contracts. This will make the management process increasingly complex and cumbersome spreadsheets likely won't cut it. Company leaders may be resistant to investing in a cloud-based solution when there are seemingly attractive alternatives they can use for free. But, the reality is that any free online service is not going to offer the same level of security, sophisticated features, or round the clock tech support that a reputable, purpose-built contract management solution will provide.

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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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Why Contract Insights Can Boost Your Contract Efficiency Two-Fold

For many years, contract management was one of many tedious business operations. However, as with virtually all other facets of running a business, technology has made it so that that is no longer the case. Now, there are robust contract management solutions that not only streamline but augment the entire contracting process. Here is how contract insights can boost your contract efficiency two-fold:

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The Top 5 Contract Management Blogs of 2016

Perhaps it is a bit odd to blog about blogs, but contract management is strong and growing and the many quality blogs addressing this particular area of business operations are ample proof of that. Countless companies across virtually all sectors engage in contracting in some form or fashion, with some industries churning out a high volume of contracts on a regular basis. There are many nuances to contracting and contract management that affect manufacturing to technology and everything in between. For contract management professionals seeking to learn, share, or simply remain abreast of relevant contracting news, here are some of the top contract management blogs that are worth checking out:

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Do You Know How Efficient Your Company's Contracts Are?

Maximizing efficiency is the cornerstone to a successful business. Unfortunately, when it comes to the company contract portfolio, businesses often overlook the importance of efficiency. There is usually so much focus on the general operations and staying within the budget, and sometimes it's hard to see how contracts that span several years really affect day to day affairs. As a result, too many companies probably don't even know how their contract portfolio is faring, which can end up causing a lot of problems if things begin to go awry. Here are some things to evaluate to know how efficient your company's contracts are:

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How to Efficiently Manage Contracts For the Long Haul

Contracts are dynamic agreements, and managing a heavy contract portfolio requires diligence and a solid attention to detail. However, just because some contracts are limited in duration, this does not mean that the contract management process has to be so as well. In fact, for companies seeking to grow over time, it is important to have clearly defined long-term objectives and to establish a contract management process that is in accordance with them. Here is how to manage contracts for the long haul:

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5 Best Practices For Contract Administration

Successful contract administration requires some serious planning and meticulous oversight. Regardless of whether a company’s portfolio has 50 contracts or 500, there will be a lot of details and deadlines to monitor. As a result, it is crucial for a company to have a solid contract management team in place, and one that is capable of overseeing any and all contracts that are added to the portfolio. Here are the top 5 best practices for contract administration:

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