Are You Maximizing ROI from Your Current Electronic Contract Strategy?

An effective contract management strategy is designed to help your organization reap the greatest benefits – and reduce risks such as penalties or lost sales – along the way. But if you’ve ever questioned whether your current strategy, and the contract management software you’re using to support it, are delivering the full benefits you're hoping for, you wouldn’t be alone: according to the International Association of Contract and Commercial Management (IACCM), just one third of sales people believe their organization’s contract management process is effective at maximizing value and minimizing risks.

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The Simple Guide to Optimizing Contract Management Reporting

Contract management is a core competency that provides businesses and organizations with the information they need to control revenue leakage, comply with applicable laws and regulations, and achieve other beneficial outcomes. That is, of course, if contract management is proactive and well-organized. Companies that learn to optimize their contract management reporting throughout the contract lifecycle stand to gain the most from their contract management practices.

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4 Key Contract Performance Metrics

It is often difficult to discern the success of a contract when the subject matter of the agreement is more complex than the delivery of a single item in exchange for a payment. A lot of business contracts can last for several years and may involve a series of actions, deliveries, and/or payments from one or both sides. Nonetheless, contract performance is critical to managing a company’s contract portfolio, and it obviously has significant influence on the bottom line. As a result, the contract management team must have clear metrics by which to measure performance. Here are four key metrics that can be used to evaluate contract performance:

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5 Contract Drafting Nightmares And How to Avoid Them

Every phase of the contracting cycle presents its own set of challenges. Contract drafting can be particularly brutal with lawyers for each side going round and round over virtually every detail. Unfortunately, sometimes even those lengthy and detailed drafting sessions result in a mediocre contract. There are certain prevalent problems that crop up time and again irrespective of the contract's core content. Here are 5 potential contract drafting nightmares and some tips on avoiding them:

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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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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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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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How to Stress Test Your Contracts Before Signing

Contracting is fairly standard practice for most companies these days, although some industries are more contract heavy than others. Even though individuals and companies have been entering into contracts for centuries now, these agreements still manage to cause problems, with contract disputes clogging up countless court dockets. Although some disputes may be unavoidable given that many things are beyond one party’s control, companies should take the appropriate precautions to determine whether they can withstand certain issues. Understanding where a contract could go wrong before actually signing it is a bit tricky given that contract performance will not commence until all terms and conditions are agreed upon and the final version is executed. However, here are some of the questions that the contract negotiation and drafting teams should be asking throughout their respective processes to stress test the agreement before either company signs on the dotted line:

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How to Measure Manufacturing Contract Productivity with Custom Reports

In manufacturing, monitoring contract performance is critical to monitoring overall productivity. Regardless of whether a company is manufacturing products comprising a million tiny pieces or heavy duty machinery with several large components, there are likely various contracts with at least a handful of suppliers, if not many more, as well as contracts pertaining to distribution.

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6 KPI's to Measure the Performance of Your Contracts

Key Performance Indicators, or KPIs, help contract managers measure progress and achieve goals against contracts. When designed and used optimally, KPIs play a role in driving actions and can have significant effects on results and projects.

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