An effective contract management strategy is designed to help your organization reap the greatest benefits – and reduce risks such as penalties or lost sales – along the way. But if you’ve ever questioned whether your current strategy, and the contract management software you’re using to support it, are delivering the full benefits you're hoping for, you wouldn’t be alone: according to the International Association of Contract and Commercial Management (IACCM), just one third of sales people believe their organization’s contract management process is effective at maximizing value and minimizing risks.Read More
One of the biggest challenges of contract management is finding a solution for dealing with volumes of contracts that can reach the tens or even hundreds of thousands. Though cost-effective software solutions exist that help organizations seamlessly manage each stage of the contract lifecycle, it’s also easy to understand why manual tools such as Excel spreadsheets are so popular.Read More
Just a little more than half of sales teams achieve their annual company sales targets, while 44 percent say they struggle not only to hit their numbers but to do so profitably. Considering that there is no clearer marker of success in sales than a signed contract, it follows that stronger contract management processes can only improve sales metrics.Read More
Most business transactions, including the execution of a contract with another firm, subject a company to risk. With contracts in particular, there is always the risk that one side to the agreement will not perform as stipulated, causing a great deal of harm or loss to the other side. Although there is no way to completely eliminate the risk associated with contracting, there are certainly a number of steps that companies can take to mitigate the likelihood, as well as the impact, of a breach or other misfortune. Here are the top tips for successful contract risk management:Read More
These days, many businesses must be adaptable and accommodating in order to remain competitive. This is true with respect to their relationships with clients and various types of business partners. Contract management is particularly relationship dependent, and thus finding harmony with contracting partners is critical to long-term success. Many businesses have struggled to find the right contract management approach, as demands and technology cause frequent changes that may necessitate starting from scratch. In light of this, there is a recent move toward the concept of agile contract management. Here are some benefits to this style:Read More
Successful companies are on a constant hunt for ways to bring in additional money. They spend a great deal of time, energy, and resources researching additional avenues through which they can increase their profit.
However, what many companies fail to realize is that there is a simple way to do just that—a way to increase their bottom line, and it is right in front of them. The key to bringing additional money into a company can be found in reworking a part of the company that already exists: contracts.
For many companies, contract management is an often overlooked business operation, with few resources or personnel devoted to this important facet of running a business. Unfortunately, this frequently leads to the management team having to scramble about to put out fires in an effort to avoid a major meltdown and keep things rolling. However, even if a company does recognize the value of creating a robust contract management team and invests adequate resources into state-of-the-art technology and systems, even the most well-oiled machines are bound to encounter issues at some point.Read More
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:Read More
As businesses engaged in high volume contracting know, there is so much more to managing a contract portfolio than merely monitoring a calendar. In the past, contract management often entailed an administrative role, but with an increasingly complex global economy and competitive business landscape, that is no longer the case. Now, savvy contract managers focus on improving performance and utilizing contract data to anticipate potential issues, improve a company’s margins, and even secure business. After all, with the evolution of technology, many of the tactical facets of contract management can be handled in an automated fashion, so contract managers are able to take an increasingly strategic approach to the management process.Read More