How Contract Management Can Impact Your Company's Financial Success

Contracting is a necessary facet of running a business, with many companies entering into multiple contracts on a daily basis. Of course, given that contracts are legally binding, enforceable agreements, they can carry some pretty significant consequences. Unfortunately, the management phase of the contracting cycle is often overlooked, as emphasis is placed more heavily on the front end of the contracting cycle, which involves negotiations and drafting. This is clearly an erroneous oversight because poor contract management will no doubt result in negative financial outcomes. Here are some key ways that inadequate contract management can impact a company’s financial success.

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Smart Contracts Vs. Traditional Contracts

Contracts are often looked upon with disdain because they are the source of so many business and legal conflicts. However, when contracts lead to discord it is often due to the fact that they were not drafted well or there was a massive communication breakdown that lead to oversight issues. In an effort to avoid convoluted contract disputes, attorneys and other business professionals have been looking for ways to revolutionize business arrangements that still carry the force of the law. A prime example of this is the emergence of smart contracts, which are basically computer-generated agreements. Here is a look at the difference between aregular old contract and the allegedly smart version:

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4 Ways High Tech Companies Can Benefit From A Contract Management Solution

There is a good chance that if your company is high tech, then it already employs a range of online solutions to facilitate business operations. These days, there are solutions available for virtually every facet of a company from human resources to fiscal planning. Of course, some companies may prefer not to invest in certain types of business solutions, but basing the decision on economics alone is definitely a mistake. There is sufficient competition in the SaaS market that businesses of all budgets can find what they need at the price that they are able and willing to pay. And, when it comes to certain business operations, it would be downright foolish to waste manpower on some of the more tedious aspects of overseeing a contract portfolio. After all, reputable contract management solutions are purpose-built to meet the pressing needs of a company with a busy or complex portfolio. Here are 4 ways high tech companies can benefit by using a contract management solution:

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4 Ways Small Businesses Can Benefit From A Contract Management Solution

Running a business is hard work, especially in the early days when there are likely just a few staff members and bank accounts are on the smaller side. But, thanks to technology, there is no reason that limited personnel and capital have to be a hindrance anymore. Regardless of whether a company has a designated contract management team or several of the leaders help oversee the company’s contracts, there are solutions available that can drastically facilitate the management process. Here are 4 ways small businesses benefit from a contract management solution:

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The Top 5 Best Practices for Contract Compliance

Every aspect of the contracting process requires patience and a strong attention to detail. The negotiation phase can be incredibly arduous, and drafting often goes round and round as lawyers seek to agree upon the contractual language. Of course, once the deal is done and the ink on the documents has dried, the intricacies of administering the contract and ensuring proper performance and compliance begin. Here are some of the best practices for contract compliance:

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How Contract Management Radically Improves Employee Productivity

For startups and smaller businesses with relatively few employees, each person’s role and responsibilities within the company may be rather substantial. This has the potential to become problematic when someone has to be involved in multiple areas of the company’s operations, especially when those discrete segments of the business are highly detail-focused. A prime example of a company operation that requires a keen attention to detail is contract management. Virtually all contracts contain a slew of important dates and deadlines, and they obviously impact the company’s budget in a myriad of ways. Thus, for those folks helping to oversee the contract portfolio, whether exclusively or in conjunction with various other responsibilities, there will be a lot of important details to attend to and remember. If the team is not organized appropriately or has not instituted an effective contract management system, the consequences could be disastrous. Of course, in addition to hindering overall productivity, any wasted time and resources will inevitably hurt the bottom line. Here is how contract management radically improves employee productivity:

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Why Local Government Needs Better Contract Management

Local, state, and federal government offices are notorious for the inefficient and even inappropriate allocation and utilization of resources. Local government usually receives particularly harsh criticism, but one of the main reasons they struggle so much is because they have a lot of responsibilities and yet are forced to operate on pretty tight budgets. There are so many issues that local governments must oversee, so it is kind of understandable why they are plagued with difficulties. In addition to a range of business, legal, utility, and tax matters, local governments enter into a fair number of contracts, often with private companies that provide citywide or countywide services. As a result, contract management is one of many management strategies with which local governments must contend. Here is why local government simply must have a solid contract management system in place:

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How to Save 260 Hours Per Year With Automated Contracts

Managing a busy contract portfolio requires a good amount of daily oversight, especially if the contract management group has a small team or limited resources. Implementing a practical contract management system is a crucial investment for any company with an active portfolio, and contrary to popular belief, not all solutions will break the bank. In addition to concrete financial savings, there are some intangible benefits to automating the contract management process. One of the biggest advantages will be the time that it saves, allowing team members to exert their efforts on more pressing matters, which of course ends up helping the bottom line.

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Why Custom Reports Should Be Your Contract Management Secret Weapon

Most management processes rely heavily on analyzing data and tweaking processes to improve efficiency and profitability, and contract management is no exception to this reality. Reviewing both contracts themselves as well as the spreadsheets that summarize the data contained within those contracts is a routine facet of the contract management process. However, for companies that have not yet implemented an online contract database via a custom-built contract management solution, this review process is likely beyond tedious. Creating spreadsheets in certain software may work when dealing with a small portfolio, but these documents are very difficult to maintain as the business expands. Companies seeking to capitalize on their contracting relationships need to invest in a dynamic solution that offers a custom reporting feature. These custom reports just may be the secret weapon to staying on track and here is why:

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The Stunning Cost of Poor Contract Organization

Poor organization has been the downfall of countless companies, with millions of dollars wasted due to negligence or simple carelessness. The cost of such poor organization obviously depends on the size of a company and the industry it serves. Nonetheless, for companies in which contracting forms an integral facet of the business, poor contract management may have catastrophic financial consequences. After all, the fallout associated with contract failures can have a host of legal ramifications, the vast majority of which tend to be quite costly. Here are some simple examples of how poor contract organization and management can result in major cost leakage:

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