Contract Administration Process: 5 Signs You Need to Optimize Yours

With contract portfolios for large companies extending into the tens and even hundreds of thousands of documents, effective contract administration is predicated on an organized, proactive approach. But even if your contract administration process seems to be working reasonably well, putting some thought into how to further optimize it further can reap significant benefits: according to the International Association of Contract and Commercial Management, more effective contract management processes can help companies grow profitability by nearly 10 percent annually.

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4 Steps for an Effective Contract Plan That Will Drive the Future

Technology is transforming broad aspects of business operations, and the area of contract management is no exception. Artificial intelligence or AI, where computers utilize data to help organizations make more efficient and informed decisions, is one such area. For example, AI has the potential to improve the speed and effectiveness of contract drafting by analyzing past contracts and identifying useful clauses and terms applicable to new contracts.

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Are You Maximizing ROI from Your Current Electronic Contract Strategy?

An effective contract management strategy is designed to help your organization reap the greatest benefits – and reduce risks such as penalties or lost sales – along the way. But if you’ve ever questioned whether your current strategy, and the contract management software you’re using to support it, are delivering the full benefits you're hoping for, you wouldn’t be alone: according to the International Association of Contract and Commercial Management (IACCM), just one third of sales people believe their organization’s contract management process is effective at maximizing value and minimizing risks.

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Contract Management Procedures: 4 Reasons Why Excel Won't Cut It

One of the biggest challenges of contract management is finding a solution for dealing with volumes of contracts that can reach the tens or even hundreds of thousands. Though cost-effective software solutions exist that help organizations seamlessly manage each stage of the contract lifecycle, it’s also easy to understand why manual tools such as Excel spreadsheets are so popular.

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A Guide to Aligning Supplier Contract Management With Your Sales Processes

Just a little more than half of sales teams achieve their annual company sales targets, while 44 percent say they struggle not only to hit their numbers but to do so profitably. Considering that there is no clearer marker of success in sales than a signed contract, it follows that stronger contract management processes can only improve sales metrics.

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Contract Management System Strategy and Execution: A Guide to Aligning Both

Your contract management strategy should define the goals of your organization’s approach to contract management as well as the solution for achieving them. But in order to bring your strategy to fruition, you also need an execution plan that details all of the steps and actions that will be required to achieve your goals. More simply, your strategy is what you want to do and your execution plan is how you are going to do it.  

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3 Common Pitfalls of Legal Contract Management and How to Avoid Them

Though they’re designed to reduce risk and maximize profit and opportunities, it takes more than just signing and then filing away a contract to realize these benefits. Poorly-managed contracts can be time-consuming, creating backlogs and bottlenecks for legal teams. They can also be expensive: according to the International Association of Contract and Commercial Management (IACCM), nearly 40 percent of contracts don’t deliver the financial benefits they were intended to. On the flip side, IACCM also found that good contract management can help businesses grow their bottom lines by nearly 10 percent annually.

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5 Tips for Understanding A Request for Proposal (RFP) for a Contract Bid

Companies actively engaged in the contracting process must become familiar with requests for proposal (RFP), as many businesses and particularly government agencies utilize these documents to solicit contracting partners. The key to winning many government contracts, which can prove to be quite lucrative especially for smaller businesses, is putting together a strong response to an agency’s RFP. Here are some tips for understanding a typical RFP for a contract bid:

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Tips for Successful Contract Risk Management

Most business transactions, including the execution of a contract with another firm, subject a company to risk. With contracts in particular, there is always the risk that one side to the agreement will not perform as stipulated, causing a great deal of harm or loss to the other side. Although there is no way to completely eliminate the risk associated with contracting, there are certainly a number of steps that companies can take to mitigate the likelihood, as well as the impact, of a breach or other misfortune. Here are the top tips for successful contract risk management:

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4 Common Business Contract Types

Companies of all sizes enter into contracts for various reasons. These contracts may exist with individuals and firms who are external to the company, but they may also exist internally between the company and its own subsidiaries or employees. Certain types of contracts are routinely executed, whereas other kinds of contracts are only needed every now and then or perhaps even just one time during a company’s existence. Although some businesses are likely familiar with the usual suspects, for those who are still learning the ropes, here is a rundown of some of the most common business contract types:

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