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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Small Legal Teams Can Benefit from Contract Management Software

The right contract management software can be a game changer and a force multiplier for small legal departments. Here are some of the ways that small and medium-sized businesses can benefit by using contract management software.

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Understanding Enterprise Contract Management Software

Effective contract management represents one of the greatest opportunities within the enterprise to reduce business risks and improve profitability – according to one recent survey of federal contractors, a whopping 92 per cent of respondents said effective contract management is “essential” to their organization’s success.

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Legal Teams of Any Size Can Use Contract Management Software

Whether you’re a team of one or twenty, there are certain challenges every legal department faces, and that’s especially true when it comes to contract management. If your old tools aren’t up to the task, or if you see growth and change hovering on the horizon, now is the time to reimagine your contract management.

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Choosing the Right Contract Management Software

Most of the time, sticking with the status quo makes sense: familiar systems and protocols are time-tested and easy to follow. In fact, upending traditional workflows or introducing new tools can trigger fear and frustration, and sometimes a new option isn’t always the best fit.

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5 Considerations When Purchasing Contract Management Software

For businesses looking to optimize their approach to contract management, there are numerous software solutions on the market that can help. As you evaluate the options, here are some important considerations.

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Choosing the Right Legal Technology for Your Organization

Sometimes, managing a legal department can feel a bit like a high-stakes round of whack-a-mole. Clients must be handled. Contracts need to be signed. Payments and finances must be monitored. Above it all, diligent oversight and a proactive strategy must be maintained.

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Avoid Time Thieves With Contract Lifecycle Management

Managing tasks and responsibilities associated with tens of thousands – if not more – contracts is, by nature, painstaking work due to complexities within contracts, coordination that must exist between teams and external parties, and a host of other factors. According to research, 78 percent of contract managers say they are under increased pressure to reduce contract-related costs. Additionally, contract managers must often contend with contract inconsistencies, a cumbersome contract management lifecycle, slow business processes, and other risks.

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Best Contract Management Software: Tips for Evaluating and Implementing

In a recent survey, 92 percent of federal contracting professionals agreed that effective contract management is vital to their organization’s success. At the same time, 40 percent reported that their organization’s contract management policies are either not consistently applied, not documented or are nonexistent. Six in 10 respondents also reported using Microsoft Excel to manage contracts – a manual solution that lacks vital features for improving the security and efficiency of contract management.

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