Contracts are at the very heart of commerce – they often govern each and every dollar that comes in or goes out of an organization. And yet, using contract processes that are highly inefficient remains one of a business’ most common challenges.
“Initiate a proper handshake and the whole world opens up for you.” ― James D Wilson
Contract management software is designed to make life easier for legal, contract managers, and business users. And it does – once it is implemented. An experienced software vendor can help make your implementation a success, but your organization is a crucial partner in that work. Here are four tips for ensuring that your contract management software implementation is a success.
Getting contracts done faster is a front-and-center goal when adopting contract management software. One way this is accomplished is through automated workflow that puts each contract-related task in front of the right person just as soon as the previous task is completed. Alerted by email (or a task queue in a dashboard), each person logs in, opens the contract
For most companies, procurement is an essential yet often difficult business function that relies on an efficient contract management process to be successful. Getting what you need from vendors and other clients requires careful contract management that is best accomplished with advanced contract management software. If you are still relying on basic email or spreadsheets to manage your procurement process across multiple departments, you may be losing time and money.
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.
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?
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.
If your organization is using a contract management system, you have probably addressed the use cases that led you to adopt it. You have a repository for contracts so that they are no longer lost. You have forms and workflows that create contracts and guide them through finance and legal for approval. You are associating your contracts with related documents such as statements of work, licenses, certificates of insurance, amendments, and addenda.
Advanced contract management software makes running your business easier, at least in theory. If you are at the shopping stage, one of those “theoreticals” is the choice between software in the cloud (SaaS or Software as a Service) and software installed on premise. Either mode of delivery can give you a program that improves risk management, compliance, and contract quality. Below are five points to consider.