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3 Reasons Digital Transformation Should Begin with Contract Management

Dermot Whittaker contract management software

As technology evolves, companies must update their processes and software to remain competitive. This process of “digital transformation” can be applied very effectively to contract management, where the return on investment can be realized in the short-term, with potential for ongoing savings as more contract types and business units are included.

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6 Sticking Points in the Contract Lifecycle – Part 2, Post Execution

Dermot Whittaker contract management software

In Part 1 of this blog, we looked at three sticking points in the contract lifecycle that occur before signature. Understanding the contract lifecycle means identifying those sticking points and reducing friction so business gets done promptly but still safely under contract.

Here are three common sticking points that occur once the contract is executed. 

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6 Sticking Points in the Contract Lifecycle – Part 1, Pre-execution

Dermot Whittaker contract management software

Some business you can do with a phone call and a hand shake. But when your business depends on the outcome, you need a contract. Getting a contract in place (or acting according to its terms) creates sticking points. Understanding the contract lifecycle means identifying those sticking points and reducing friction so business gets done promptly but still safely under contract.

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Meeting the Challenge of Subcontractors and Contract Compliance

Dermot Whittaker contract management software, subcontractors

Organizations expect the benefits of contract management software and contract compliance to accrue to them. Their procurement team will gain in efficiency, shorten turn-around time, and reduce costs. Their attorneys will focus on unreviewed, contract-specific terms in high-value agreements instead of checking and re-checking boilerplate language in routine contracts.

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3 Ways Public Utilities Benefit from Contract Management Software

Dermot Whittaker contract management software

For public utilities, contract management software can play a key role in the successful procurement.

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6 Warning Signs Your Contract Management Process Will Not Scale

Dermot Whittaker contract management software

Thriving businesses need contract management processes that can scale with their growth. Without the right contract management process, you can quickly lose sight of details that matter: failures of business partners to deliver on time, your business’s own obligations, potential revenue streams, legal and economic risks, and more.

Unfortunately, many managers don’t know how to spot common warning signs that their contract management processes will not scale. If you find any of these six problems, then you know that it’s time to find a better approach than the one you currently take.

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8 Essential Phases of the Contract Lifecycle

Dermot Whittaker contract management software

Nearly all contracts go through eight essential phases during their life. Collectively, these phases are called the contract lifecycle. The concept comes from the lifecycles that all organisms follow. For a frog, the lifecycle begins with a tadpole. For a contract, the lifecycle begins with a request.

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The Top 5 Mistakes Companies Make Implementing Contract Management Software

Dermot Whittaker Change Management, contract management software

Implementing contract management software across your organization? What could go wrong?

In a word: plenty!

That’s because the success of contract management software depends on how it is deployed and how it is used. Even a well-conceived implementation can encounter road bumps and detours; but from our experience, here are five mistakes to avoid from the start.

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8 Key Functions of Contract Management Software

Dermot Whittaker contract management software

Contract management software has features that help companies draft, negotiate and manage contractual agreements. When used effectively, contract management software can mitigate risk during the contract process, ensure compliance, drive productivity, and increase end-to-end visibility so all parties involved can stay informed.

Contract management software solutions range from very simple to extremely sophisticated. The following eight features are considered “must-haves” for mid to large size companies.

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Who Benefits from Using Contract Management Software?

Dermot Whittaker contract management software

Organizations that implement contract management software evaluate the success of the initiative in several ways:

  • reporting on contracts and obligations processed
  • elimination of known problems and bottlenecks
  • technical roll out of functionality
  • adoption of the system by departments and individuals.

Companies may even develop a fine-grained ROI model to show a bottom line where contract management software more than pays for itself in money, time, opportunity costs, and risk avoidance.

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