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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Best Practices For The Management Phase of the Contract Lifecycle

There are many moving pieces leading to the execution of a contract between two parties. More often than not, the negotiating parties don’t really think about what will happen subsequent to finalizing the agreement. Unfortunately, this can make a contract manager’s job more stressful than necessary, and in some cases, will have negative consequences. During the negotiation and drafting of a contract, the parties involved need to think about the reality of executing and overseeing a contract and ensure a smooth transition to the contract management team. In addition, here are four things contract managers must take into consideration at the commencement of and throughout the manage phase of a contract lifecycle:

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Contract Management Tip #4: Institute a Contract Portfolio Review

This is the fourth installment in a blog series highlighting contract management best practices. To read previous posts, please click for part one, part two, or part three.

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