Minimizing Contractual Risk Through Improved Contract Management Practice

Legal contracts are foundational for companies of any size and industry. By codifying the exact relationship between a business and its customers, contracts place weight behind the promises that both parties make to each other and provide a framework for handling disagreements.

Unfortunately, far too many companies are failing to live up to the best practices and standards of contractual risk management. The International Association for Contract & Commercial Management, for example, estimates that companies lose nine percent of their total revenue every year via poor contract management.

From a complex contracting landscape to scarce investments in good contracting processes, the potential issues that you'll face are significant. The following article will give you an overview of the challenges of contract management and what you need to do to make your processes more efficient and productive.

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A Brief Guide to Contract Management Software and Plans

Anyone involved in contract management needs to learn the basics first. At its simplest, contract management is about tracking performance and addressing any issues throughout the duration of the contract. A Report from the Journal of Contract Management found that 71% of companies misplaced 10% of their contracts. In 2015, the International Association for Contract and Commercial Management (IACCM) suggested that new technology could spark a contract management revolution, but only if businesses are ready to fully embrace the new tech's potential.

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The Pros and Cons of Open Source Contract Management Software

As you consider contract management systems, you may encounter the question of open source or proprietary software solutions. These types of systems offer different advantages and disadvantages when it comes to cost, flexibility, support, and other considerations. You will need to take your organization’s priorities and resources into account to decide what is best for your needs. We’ll go over some of the main pros and cons of open source software to help you determine whether it is a viable option for your organization.

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5 Contract Management Tips for Improving Supply Chain Performance

Establishing a steady supply chain is critical to successful procurement endeavors. Unfortunately, companies often have difficulty getting to this point due to a variety of intrinsic and extrinsic factors. Of course, contracting plays a significant role within the context of a company's procurement efforts, so good contract management is vital to improving supply chain performance. Here are 5 contract management tips for helping make that happen:

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What You Can Do With The Money You Save By Using Contract Management Software

Creating the company budget and then actually sticking to that budget throughout the calendar year can be annoyingly time-consuming and downright exhausting. It obviously behooves a company to figure out ways to cut costs and utilize resources as effectively as possible, and establishing a surplus is no doubt a wise decision. Fortunately, the cost of investing in the technology needed to run the business has gone down markedly due to unprecedented advancements and fierce competition in the space. Being able to shave off the cost of some of these investments from the company budget can prove life-changing for startups and smaller firms. An example of a helpful business solution that is surprisingly affordable and also facilitates efficiency is contract management software (CMS). Here is what you can do with the money you save by using CMS:

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Why Automation Is The Solution To Your Contract Management Headaches

For years now, companies have been making the shift to electronic management processes for countless business operations. Nowadays, there is probably some kind of software or cloud-based solution for virtually every business process. Contract management is definitely one area of running a business that warrants automation, as there are usually a lot of tedious tasks associated with administering a robust portfolio. There is really no reason to suffer this reality in perpetuity when there is comprehensive contract management software available at affordable prices. Here is why automation is the solution to your contract management headaches:

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Don't Use Contract Management Software That Can Access Your Data

Data security has to be one of the most important components of a company’s technology systems. There have been countless data breaches over the last few years, and they will likely only grow in frequency and scope. One of the ways that companies can avoid succumbing to a massive data breach is by investing in purpose-built software solutions that not only meet their business needs but consider the security of the data stored within it a high priority. This is important for any and all types of company data, including the information that is contained within a company’s contracts.

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How to Create Custom Contract Reports in Under 7 Minutes

For many businesses, their contract portfolios likely contain various types of agreements. Larger enterprises may have the resources to employ separate teams to oversee distinct categories, but smaller businesses probably have a much smaller team handling the entire portfolio. In either scenario, there will be times when certain batches of agreements need to be analyzed. As a result, it is very important to invest in and utilize practical contract management software that offers customizable report creation. With the right business solution, here is how to create custom contract reports in under 7 minutes:

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What Features Matter Most in Contract Management Software?

Contract management software is a must have for companies with a busy contract portfolio. These days, there are practical and affordable solutions that likely meet the needs of virtually any type of company that is actively engaged in contracting. Depending on your company’s size or sector, there are probably going to be certain features that are more important to have than others. However, there are some specific features that will be useful for just about everyone. Here are the most important features that your company’s contract management software simply must provide:

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The Trouble With Government contract Management Software

If you've ever worked in a position where it was your responsibility to manage and track government contracts, then you know all-too-well how much of a challenge this can be. This can turn into an especially frustrating organizational nightmare when you take into consideration the varied range of contracts that often need to be managed by local governments. Factor in the fact that legacy contract management systems are cumbersome and difficult, and it's no surprise that managing government contracts can be such a difficult task.

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