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.
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.
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.
Professional organizations are tremendous contract management resources. Many of the benefits are available with a simple website visit, while membership can open doors to education, certification, and one-on-one connection with colleagues facing similar challenges.
The GDPR (General Data Protection Regulation) of the European Union became effective on May 25, 2018. Organizations inside and outside the EU should comply by that date, but many are still getting there. Reaching and remaining in GDPR compliance is an ongoing responsibility that affects an organization’s contractual commitments. Here is an overview.
Automation of your contract management process brings improvements in efficiency and effectiveness. It also helps you document them with better reporting. Here are three examples.
A contract playbook lists the terms and conditions of a contract type and provides clear guidance to negotiators for defending these provisions, offering variations of these provisions, or holding fast to the provisions as non-negotiable. Playbooks also give negotiators instant access to a plain language rationale for the organization’s use of a given clause and when to escalate an issue to a legal or business approver.
Contract managers are pressed on several fronts. As professionals, they need to uphold the contracting standards of their organization across dozens of agreement types. As workers in a busy department, they need to produce agreements efficiently. And as the primary contact for business users who need contracts to do their jobs, they are asked more often than they’d like: When will my contract be ready?
Every contract carries with it some risk of noncompliance, but contract management software can reduce that risk significantly.
While instant results are wonderful, most good business decisions require delayed gratification. Profits are always down the road, new hires need weeks to get up to speed, improved workflows take time to kick in. You may feel that change is always a slow and bumpy process. If so, you will be surprised by the immediate positive effects that contract management software has on your operation. This investment gives you valuable results as soon as it is installed. The right software program will deliver three easy wins that promptly improve your business while easing your professional burdens.