New Ebook: The 2019 Buyers Guide to Contract Management Software

Deciding which software solution makes sense for your organization doesn't have to be complicated. With The Buyer’s Guide to Contract Management Software, you will learn how to you evaluate and implement the right contract management software to fit your needs. After reading this guide, you will be better informed about your options and better able to choose a contract management solution capable of meeting your organization’s goals and objectives and improving your contract management processes.

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Assessing the Value of Your Contracts

Measuring contract performance is critical to managing a company’s contract portfolio. Before you know what to fix, you first need to know what’s broken. When it comes to finding the profit potential in your contracts, you must begin by understanding what contracts you have, their status, and their potential costs and revenue opportunity. As a result, the contract management team must have clear metrics by which to measure performance.

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Machine Learning: What It Is and What It Isn't

As conversations about the capabilities of artificial intelligence and related technologies pick up speed, you might increasingly encounter unfamiliar terms and concepts – and the fact that notions such as “AI” and “machine learning” and other related things are frequently (and incorrectly) used interchangeably can only increase confusion around these emerging technologies.

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Contract Management Software: Things to Watch Out For & Avoid

From employment agreements to customer and vendor contracts, businesses typically have a variety of types of agreements within their portfolios, which can have direct and indirect effects on the bottom line. And while service contracts – those with suppliers who provide business-related services such as internet and maintenance – may not have a direct line to company revenues, your ability to manage these contracts appropriately can affect overall performance.

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ContractWorks Tops G2 Crowd List for Top Contract Management Software

Communication. That’s the driving force that motivates the entire ContractWorks team, from sales and marketing to product development to customer service. By encouraging feedback and working hard to develop strong relationships with our clients, ContractWorks is always innovating and updating with one eye on “what can we do?” and another on “what do our customers need?”

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Contract Management Power Duo: Automation and Data

By combining automation with data intelligence, contract management software can help organizations tap into the previously untapped resource that is their contract management repository. At the center of this revolution lies automation.

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Using Metrics to Find the Hidden Value in Your Contracts

While it may be obvious that using a contract management system will enable your organization to generate reports based on a variety of metrics, the true value of this added insight may not be so obvious. With the types of comprehensive reporting available with contract management software, you and your team can gain insight into budgetary elements like spending analysis, inventory status, and compliance trends.

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7 Essential Stages of Contract Management

Lifecycle. Process. Whatever you call it, effective contract management doesn’t only involve developing agreements and getting them signed – it’s a series of actions that guide you from the earliest stages of developing holistic processes for handling each and every company agreement, through to the steps to seeing contracts through to their conclusion.

Having a clear understanding of what happens at each stage is an important way to ensure your contract management processes meet all of the requirements and objectives to deliver optimal results.

Here are the seven essential stages of contract management.

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Your Contracts Are an Untapped Resource

Contract management software can help businesses manage expenses and increase net revenue.

How?

By gaining greater control of their contracts.

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The Importance of a Seamless Contract Management Experience

It’s a claim you’ve likely heard before: with such a large proportion of revenues tied to contracts, making the contract management experience a seamless one represents a key opportunity to improve bottom lines for many companies.

But in order to truly understand the business benefits of improving your approach to contract management – and to start to turn potential gains into actual ones – it’s helpful to unpack the statement and define both what seamless contract management looks like and the value it can deliver.

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