Benefits of Agile Contract Management

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:

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3 Tips for Successful Enterprise Contract Management

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.

 

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Make or Break Moments in the Contract Management Process

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.

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A CFO's Role in Contracting

The CFO, while not always a primary party to the comany's contracting, has an obvious interest in the outcomes and value of contracting. Here are some important reasons that CFOs need to actively partake in their companies’ contracting process:

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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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Effective Communication Strategies for Contract Managers

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.

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Contract Management Best Practices Tip #3: Select the Right Management Approach

This is the third blog post in a series highlighting contract management best practices. Part one can be read here. Part two is available here.

Perhaps one of the most difficult aspects of contract management is figuring out how best to manage the company portfolio, especially when there are tons of different contracts relating to one or more company departments. There really isn’t a one size fits all approach when it comes to overseeing a company’s contracts.

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When Contracting Requires Subcontracting: Plan for Success

Contract managers know that keeping track of different contracts and their many terms and conditions can be rather complicated. It takes serious organization and diligent monitoring to ensure that contractual obligations are met and responsibilities fulfilled. This can become even more difficult when a company’s contractual duties require a subcontracting plan, which will generate additional contracts with even more clauses to oversee. Additionally, there may be multiple individuals involved in a company’s general contract management process and different personnel needed to supervise any subcontracts.

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Technology Forecast for Contract Managers: Clear Skies, Light Breeze

The vast majority of contract managers track and manage their contracts in Excel, where the information lies tethered to the desktop or a folder that only one or two people have access to. Could you imagine a sales department that kept all their contacts in a spreadsheet individually? What about an accounting department that tracked debits and credits in a spreadsheet and did payroll by handwriting checks? And yet, while sales, accounting, and marketing departments have embraced online technology that has been purpose built for them, contract managers have been left out in the cold.

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Managing Contract Risk - Importance of A Contract Management Process

Contracts are at the heart of virtually all business transactions. However, because contractual relationships vary drastically within and between companies and sectors, not all contracts can be treated in the same manner. Managing contract risk is an important part of the contract management process. Doing so can ultimately help a company’s bottom line. And failing to do so can result in dire consequences, both financial and otherwise.

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