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