Key Elements of Effective Contract Management Training

Making the decision to switch to contract management software to manage your organization’s needs can be an exciting prospect for teams tasked with organizing, storing and tracking countless agreements across numerous departments throughout the contract management lifecycle.

But the success of your new contract management software – or any new enterprise software solution, for that matter – lies in how well stakeholders know how to use it. In fact, lack of training has been identified as one of the key reasons new technologies and software fail within organizations. Meanwhile, a thoughtfully-designed training plan is significantly associated with positive outcomes, including positive attitudes about the switch and higher compliance rates. 

As you plan for the implementation of your new contract management software, don’t overlook this vital step. But just as you’d be unlikely to embark on any other corporate initiative without a little thought ahead of time about what you’d like to achieve, it’s also important to put some thought and planning into how you approach training.

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How to Use KPIs for Successful Contract Management

The only way to ensure that your legal team is operating efficiently is to establish clear goals, along with key performance indicators (KPIs) to determine whether those goals are being met. This is true regardless of which facet of the business you are seeking to manage.

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Best Practices in Contract Management: Are You Using Them? 

Is your organization committed to adopting contract management best practices? Evaluate how well your company upholds the following standards, and you may find areas to develop more effective processes that lead to improved contract outcomes.

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6 Key Strategic Ideas for Improved Supplier Contract Management

Many organizations depend on outside suppliers for smooth, day-to-day operation. Working with the right suppliers is critical to manage costs effectively and keep projects on time and up to quality standards. Supporting suppliers with thoughtful management at various points of the relationship can help the organization derive the greatest benefit from its supplier contracts.

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Minimizing Contractual Risk Through Improved Contract Management Practice

Legal contracts are foundational for companies of any size and industry. By codifying the exact relationship between a business and its customers, contracts place weight behind the promises that both parties make to each other and provide a framework for handling disagreements.

Unfortunately, far too many companies are failing to live up to the best practices and standards of contractual risk management. The International Association for Contract & Commercial Management, for example, estimates that companies lose nine percent of their total revenue every year via poor contract management.

From a complex contracting landscape to scarce investments in good contracting processes, the potential issues that you'll face are significant. The following article will give you an overview of the challenges of contract management and what you need to do to make your processes more efficient and productive.

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A Brief Guide to Contract Management Software and Plans

Anyone involved in contract management needs to learn the basics first. At its simplest, contract management is about tracking performance and addressing any issues throughout the duration of the contract. A Report from the Journal of Contract Management found that 71% of companies misplaced 10% of their contracts. In 2015, the International Association for Contract and Commercial Management (IACCM) suggested that new technology could spark a contract management revolution, but only if businesses are ready to fully embrace the new tech's potential.

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4 Best Practices for Contract Management Software Implementation

For companies that have not yet made the transition to a cloud-based contract management solution, taking the time to initiate this change may seem like a daunting prospect. Depending on the size of a company’s contract portfolio and the number of personnel devoted to contract management, moving a large quantity of files and documents over and then learning how to use a new software system will inevitably take a bit of time. One of the best things the contract management team can do is plan for the implementation process to ensure adequate preparation takes place in advance of the switch. Here are four best practices for contract management software implementation:

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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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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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