Do You Know How Efficient Your Company's Contracts Are?

Maximizing efficiency is the cornerstone to a successful business. Unfortunately, when it comes to the company contract portfolio, businesses often overlook the importance of efficiency. There is usually so much focus on the general operations and staying within the budget, and sometimes it's hard to see how contracts that span several years really affect day to day affairs. As a result, too many companies probably don't even know how their contract portfolio is faring, which can end up causing a lot of problems if things begin to go awry. Here are some things to evaluate to know how efficient your company's contracts are:

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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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How to Efficiently Manage Contracts For the Long Haul

Contracts are dynamic agreements, and managing a heavy contract portfolio requires diligence and a solid attention to detail. However, just because some contracts are limited in duration, this does not mean that the contract management process has to be so as well. In fact, for companies seeking to grow over time, it is important to have clearly defined long-term objectives and to establish a contract management process that is in accordance with them. Here is how to manage contracts for the long haul:

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Why Contract Compliance Management Can Make Or Break Your Business

Contracting and compliance are integral and intertwined facets that take up a significant amount of resources for most companies. The key to keeping things on track and avoiding costly issues is to institute a coherent management plan. Both contracting and compliance matters require diligent oversight, and periodic internal audits can help companies to identify potential lapses before they become much larger complications. Although it is wise to stay on top of all of a business’s operations, contract compliance, in particular, cannot be overlooked, as the consequences may prove catastrophic. Here is why contract compliance can make or break your business:

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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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5 Best Practices For Contract Administration

Successful contract administration requires some serious planning and meticulous oversight. Regardless of whether a company’s portfolio has 50 contracts or 500, there will be a lot of details and deadlines to monitor. As a result, it is crucial for a company to have a solid contract management team in place, and one that is capable of overseeing any and all contracts that are added to the portfolio. Here are the top 5 best practices for contract administration:

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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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Why Contract Repositories Should Store More Than Contracts

For companies that engage in high volume contracting, establishing an online contract repository is a necessity. As more contracts are added to a portfolio, organization will be crucial to keeping tabs on everything and staying sane while doing so. Obviously, an online repository serves as a centralized database, ensuring that the whole portfolio is safely located in one place, but it can and should do more than merely store contracts. Companies should look for a contract management solution with purpose-built features that facilitate oversight and ensure that they utilize the repository to the fullest extent possible by using it to track the following:

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Use This Simple Process to Review Your Contract Portfolio

Reviewing an entire contract portfolio may seem daunting, but engaging in an ongoing yet simple review process will prevent it from ever becoming too overwhelming. One of the best ways to facilitate periodic review is to ensure that the portfolio is organized well. This can be accomplished by investing in a dynamic contract management solution and establishing an online contract repository. Once the online database has been set up, the following steps will enable the contract management team to engage in regular albeit abbreviated reviews of the contract portfolio:

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