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.
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.
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.
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.
Accountability in higher education institutions has been an on-going national issue over the past decade. Control of costs, elimination of duplication, and evidence of other inefficiencies are the focus for legislatures and higher education regulating and coordinating agencies. Spurred by rising college costs, higher debt service, diminution in quality and productivity of higher education, and questions about higher education institutions’ mission and its relative value, policy makers are shining a spotlight on this topic.
Much like the Clash of the Titans, an epic battle has unfolded among productivity suite providers. For those unfamiliar with the term, productivity suite providers help individuals and organizations deliver information – whether in the form of a document, presentation, worksheet, database, charts, electronic music or digital video. Common examples include Microsoft Office, OpenOffice, Corel WordPerfect Office, Apple’s iWork, and Lotus Symphony.
Microsoft SharePoint is one of the most ubiquitous software platforms – ever. According to Microsoft’s blog, “SharePoint supports 2 out of 3 information workers in the enterprise." Jared Spataro, Microsoft’s General Manager, revealed in a conference that SharePoint brought about “double digit growth for each of the last 18 quarters,c – faster than other Microsoft products. A Google search of the term returns 38 million results (in .93 seconds, if anyone is counting). By comparison, the most searched Google term of 2016, Powerball, returns 11.8 million results.
It’s February 9th, and as it happens every year, Valentine’s Day is just around the corner (dare we suggest, lurking? ☺). For some of us, this holiday is one that we look forward to as we anticipate sending or receiving flowers and candy, getting gussied up, and heading out for a romantic night in town. For others, the emotional response may not be as rewarding. Regardless of your relationship status - or your relationship with the holiday - Valentine’s Day is a good opportunity to take stock of the important connections in your life.
Over the past year, the term blockchain is one which is garnering much attention. The concept of a cryptographically secured chain of blocks, however, is not of something new. Dating back to 1991, Stuart Haber and Scott Stornetta questioned the prospect of time-stamping on digital documents. So, why does this matter and what is the impact on the world of contract management?
Welcome back – it's been a while! As we're heading out of the dog days of summer, we wanted to get right back on the horse and tackle a more challenging topic - not the management of your contracts, but rather the management of the many supporting documents which are either part of the initial contract or subsequently impact your contracts.