5 Tips to Improve Enterprise-Wide Contract Management

For many companies, contracts are handled at a departmental level without much oversight vertically or laterally. There are certainly advantages to this divide and conquer method, but fragmentation of the contract management process can prove quite problematic as well. Ideally, companies should implement a high level contract management system that still allows for some segmentation without causing a confusing, disparate approach. Here are tips to improve enterprise-wide contract management:

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Scope Creep: 3 Steps for Handling and Preventing It in Contract Management

Suppose that you want to build a new home for your family. First, you get in contact with a construction company. You inform the workers there that you want a house with three bedrooms and two bathrooms, draw up some plans and tell them to get started right away. Six weeks into the project, however, you realize that you need space for a home office, you want to move the location of the kitchen and you'd also like to add a pool in the backyard.
 
Just like that, you've fallen victim to scope creep, which is an ever-present concern whenever you embark on a project of substantial length. Of course, it's good to be flexible and open to change, and a certain degree of scope creep is inevitable at some point for contract managers. However, you also need to know how and when to put your foot down to prevent a project from spiraling out of control. These three tips will help you limit the amount of scope creep in your contracts so that you can keep yourself and your vendors, suppliers and clients happier.
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6 Things Contract Managers May be Overlooking

Contract management is a complex task, especially in large organizations that have large volumes of contracts. Contract managers strive to supervise performance goals, financial benchmarks, and risk management. Be sure to watch for these commonly overlooked areas of contract management.

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How Contract Management Services Can Drastically Improve Automation For General Counsel

Contract management is a complex, ever-evolving part of general counsel’s workload. Automating as much as possible can make the entire contract management process run more smoothly. A responsive contract management service should offer opportunities to improve automation throughout the contract lifecycle.

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The 4 Step Process to Generating an Increased ROI With Contract Database Software

Understanding the potential ROI of contract management software is an important precursor to a company’s decision to purchase it. Equally important is knowing how to implement a plan to use the new software effectively. Companies don’t have time to waste floundering through tutorials. They want to see ROI fast. This guide will cover some key areas to focus on to get results as quickly as possible.

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Alleviate Rising Costs By Improving Your Supplier Contract Management Practices

Saving money is a constant concern for many organizations. Taking a critical look at what the organization spends on necessary--or unnecessary--supplies is a good place to start. Organizing the supplier contract management process can reclaim potential savings and minimize unnecessary expenses.

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Enterprise Contract Management Is More Important Than You Think: So Who Needs It?

Enterprise contract management is a means of streamlining and improving how contracts are stored and reviewed throughout an organization. If you are investigating contract management options, there’s a good chance you already know a manual system is insufficient for your company’s needs. The question is where to go from here.

The more an organization matches the following conditions, the likelier it is that the company would benefit from an enterprise contract management solution.

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4 Ways Contract Automation Can Save You Time In The Contract Lifecycle

The saying, “Time is money,” frankly doesn’t do time justice. Money can be spent and earned back. Time, once wasted, is gone forever. Feeling pressed for time is one of the most common, and most stressful, problems contract managers deal with in the workplace. Employing a smart contract management system can help make precious time count.

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4 Trends in Contract Management

Contracts have been around for a very long time, but the way in which they are managed has changed drastically, especially in the last decade. Most businesses have transitioned to cloud computing, with many even going so far as to conduct their operations in a completely paperless fashion. Even contracting, a traditionally document heavy facet of business operations, is primarily completed in an electronic format, particularly given that the signing of contracts can be done online now. The contract management process will likely continue to evolve as the business climate does, but here are four notable trends happening now:

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Managing Contract Changes

Change is inevitable. And, just because contracts are supposed to be fixed agreements does not mean that they will escape this inevitability. Circumstances change, needs change, prices change, technology changes, demands change, and basically anything contained within a contract is subject to change at some point. Changes to a contract may not be ideal, but it is bound to happen eventually, and it is an increasingly frequent occurrence. Obviously, contract changes complicate the contract management process, but it does not have to derail things altogether or lead to disputes. Here are a few simple ways that the contract management team can effectively handle contract changes:

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