The Biggest Contract Management Challenges Facing Today's Tech Companies

Technology companies manage thousands, if not tens of thousands of contracts. These include:

  • Contracts with resellers and distributors of your software or hardware

  • Patents, trademarks, and copyrights that protect your intellectual property

  • License agreements for the use of technology belonging to other companies

  • Contracts with employee workers and contractors, including NDAs and non-competes

  • Equipment leases, real estate contracts, etc.

And that’s not counting contracts and licenses with customers, which for B2C tech businesses may amount to hundreds of thousands, if not millions, of contracts.

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ContractWorks' Guide to the General Counsel Conference NYC

Later this month, ContractWorks will be heading out to New York City to participate in the General Counsel Conference September 25th-26th. Hundreds of general counsel and senior legal leaders will be in attendance for the premier forum for general counsel to learn, network, and evolve in their roles. Read more to see how you can make the most out of your attendance.

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ContractWorks is Heading to National Harbor, MD for CEI Conference

The team at ContractWorks is excited to announce that we will be a sponsor for the SCCE’s 18th Annual Compliance & Ethics Institute taking place in National Harbor, Maryland September 15th-18th.

The Society for Corporate Compliance and Ethics’ annual Compliance and Ethics Institute (CEI) is the primary educational and networking event for compliance professionals across all industries around the world. Each year, more than 1,600 attendees from 40 countries come out to meet with industry leaders to cover real world compliance issues, emerging trends, and practical applications. Presenters include Michael Horowitz, Inspector General of the US Department of Justice, Andy Hinton, VP of Global Ethics and Compliance for Google, and Kurt Michels, CCO of Volkswagen Group, among many others.

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3 Main Benefits of a Contract Management System

Optimizing contract management processes can help businesses improve bottom lines by nearly 10 percent annually, according to the International Association for Contract and Commercial Management. But of all the optimizations that can be implemented throughout contract lifecycles, one of the most impactful may be a contract management system using a dedicated software solution.

What makes employing a contract management system such a powerful way to drive value and reduce risks? Keep reading to uncover the three main benefits of a contract management system.

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New Ebook: Using KPIs to Measure Contract Management Performance

Setting, measuring, and reporting on the right contract management Key Performance Indicators, or KPIs, can provide insight into the health of your business and answer a number of critical questions for your company’s stakeholders.

Is your business operating efficiently? 

Are you realizing enough value from your contracts? 

Is your company missing opportunities to minimize operational risk? 

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Contract Management Strategies: 3 Ways Yours Might Be Putting You at Risk

Most businesses wisely invest a great deal of time and effort negotiating contracts they believe will best mitigate their contractual risks. According to benchmarking data from the International Association of Contract and Commercial Management, the investment of time and resources for negotiating and reviewing simple contracts averages $5000, while high-complexity agreements, which can involve extensive back and forth negotiations, cost $40,000 on the low end and $200,000 on the high end.

While this may seem like a steep up-front investment, it’s a smart one. From delayed deliveries that can slow or even derail important projects to compliance violations and resulting fines, important business arrangements can be rife with risk – and the legally-binding framework of a contract is an important tool for proactively reducing risk exposure.

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3 Contract Monitoring Best Practices You Can Implement Now

While contracts are an important tool for ensuring that you achieve the desired outcomes from your business agreements, the document itself is only half the equation. Getting the full value out of your contracts requires more than just a well-crafted agreement that clearly spells out deliverables and/or services and related terms and conditions and that has been signed by all parties. A strong, properly-executed contract is essential – but equally so is a contract monitoring plan that ensures that all obligations are met as specified.

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An Expert Guide to Recognizing Revenue from a Contract with a Customer

Have you ever wound down a deal with a customer and wondered if you had inadvertently left any money on the table? There’s a good chance you have: research from the International Association for Contract and Commercial Management (IACCM) found that on average, businesses could improve revenues by nearly 10 percent simply by strengthening contract management practices.

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Contract Management Tools for Reducing Contractual Risk

Contracts provide a clear and legally-binding framework for navigating all of your business dealings, from employment arrangements to purchase deals for key parts and supplies. While well-defined contract terms can help to reduce any risks related to your business arrangement, a contract alone is only of limited power. It is through the effective management of contracts that businesses truly reduce their vulnerabilities.

Fortunately, technology has greatly improved the discipline of contract management, providing features that make it easier and more efficient to handle agreements at every stage. To reduce your contractual risks, look for these four tools.

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Understanding the Impact of a Records Management System

Knowing what to do with high volumes of paperwork and digital files is a key challenge in the enterprise. Within contract management, records management is an even bigger challenge: between employment agreements, customer and vendor contracts, NDAs and a host of other agreement types, enterprise contract portfolios can consist of tens of thousands of contracts, both current and archival.

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