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Contract Management Software Implementation: 4 Tips for Success

Dermot Whittaker contract management software, implementation

Contract management software is designed to make life easier for legal, contract managers, and business users. And it does – once it is implemented. An experienced software vendor can help make your implementation a success, but your organization is a crucial partner in that work. Here are four tips for ensuring that your contract management software implementation is a success.

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3 Simple Ways to Reduce Revenue Leakage with Contract Management Software

Dermot Whittaker revenue leakage

Where contracts are concerned, leakage is the difference between the value expected from a contract and the value realized in its implementation. For sell-side contracts, this is usually termed revenue leakage, since the goal of the relationship is to make money by providing goods or services. (Procurement or buy-side contracts experience leakage in terms of value or savings, the chief goals for contracts negotiated with suppliers.)

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How to Identify Bottlenecks in Your Contract Management Process

Dermot Whittaker contract management software, bottlenecks

Getting contracts done faster is a front-and-center goal when adopting contract management software. One way this is accomplished is through automated workflow that puts each contract-related task in front of the right person just as soon as the previous task is completed. Alerted by email (or a task queue in a dashboard), each person logs in, opens the contract 

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3 Ways Contract Management Software Streamlines the Procurement Process

Corridor Company contract management software, procurement

For most companies, procurement is an essential yet often difficult business function that relies on an efficient contract management process to be successful. Getting what you need from vendors and other clients requires careful contract management that is best accomplished with advanced contract management software. If you are still relying on basic email or spreadsheets to manage your procurement process across multiple departments, you may be losing time and money. 

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NDAs Can Make or Break Your Contract Management Process

Dermot Whittaker NDA

The non-disclosure agreement (NDA) is one of the most common contracts in business. NDAs often make up the largest quantity of any contract type a company will generate, negotiate, sign, and manage. For that reason alone, automating this agreement can free up hundreds of hours per year, many of them spent by highly paid in-house counsel or outside legal firms.

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Tips for Managing Contract Risk in a CLM System

Corridor Company contract risk

Creating and managing contracts is the key to business success but is rarely anyone's favorite part of the business process. You may well dread contract development because of the complex negotiations required but also because of the risks these vital documents can contain.

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Prepare for a Contract Audit with the Right Information

Dermot Whittaker contract audit

Contract audits are good example of the oft-quoted maxim: Trust but verify. Contracts are created to provide a degree of certainty so business can proceed. Trusting in the contract’s terms, both parties start fulfilling their side. But over time, fulfillment can fall short, costs can grow, and management of the contract can go astray.

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3 Contract Management Bottlenecks Eliminated by Automation

Dermot Whittaker automation, bottlenecks

Contracts are essential in any business, and while "landing" a contract is always celebrated, you know that creating and executing one is not done overnight. Even with your expertise in the area, managing contracts can be a complex and time-consuming task.

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6 Contract Management Software Myths to Reconsider

Dermot Whittaker contract management software, ROI

When organizations think about adopting contract management software, they often start with preconceptions. These “myths” aren’t always totally wrong – but they can be misleading. Here are six contract management software myths that should be reconsidered.

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Contract Cycle Times and Their Impact on the Sales Process

Dermot Whittaker

All contracts go through a cycle from request to creation, approval, negotiation, signature and onboarding (or put-away). From there the cycle continues as the contract is managed, goods/services are delivered, payment is made, and, at last, contracts are renewed or terminated.

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