Best practices are, in short, methods or procedures known to produce better results than alternatives. In the context of implementing a contract management solution, following some contract management best practices from a trusted source can be the difference between project success or complete failure.
As CIO or a senior-level technical representative for your organization, you may find yourself helping your contracting, legal, and/or procurement team as they select a Contract Lifecycle Management (CLM) product. In today’s world, there are a large number of contract management solutions options available and it is here where your background can add a unique perspective as the team drives forward with the evaluation process.
Businesses enter into contracts for certainty. But did you know that all contracts - no matter how well written - involve a degree of risk? Contracts, in fact, may actually create risk in business transactions. From initiation and negotiation to award and renewal, contracts involve complex actions that can and do go wrong. The goods news is that contract Lifecycle Management (CLM) software can help to mitigate that risk. In this article, we review the nine stages of CLM and offer ideas on best practices to ensure that your business runs as smoothly as possible.