Contract Lifecycle Management

The financial consequences of participating in poorly managed contracts can ruin your business for good. To mitigate this risk, it’s essential that you understand what you are getting involved in at every stage of the contracting process. But, contract execution and fulfillment can be overwhelming when you consider the many different factors that could go wrong. Added to that, the situation worsens when an organization tries to manage key contracts manually or via Excel spreadsheets. These are common challenges that business owners encounter regardless of their industry or business niche. Thus, gaining better contract visibility and overcoming these challenges has…

By eliminating most of the tediousness, oversights, and loopholes that often plague legal agreements, contract lifecycle management (CLM) has the potential to significantly improve your company’s bottom line, protect brand reputation, and boost overall synergy between your organization and the other companies that you frequently do business with. Even better, the benefits and usefulness of CLM are not limited to any industry – every industry needs it. However, as a business owner, maybe you are still hesitant, or you’re not yet convinced about what CLM can do for your kind of business. 3 Sample Contract Lifecycle Management Use Cases Below…

Explained in the simplest terms, a “contract” is a legally binding agreement between two or more parties involving the exchange of money, goods, services, or promises. As organizations aim to get their business done faster while delivering the best services to their clients, contracts will continue to play a vital role in every industry imaginable. In the past, contracting used to be a simple and relatively straightforward process; a contract started with an agreement to exchange and concluded when that exchange was fulfilled. But with some contract figures now running into millions of dollars and multiple parties across different continents…

These days, it is a common business practice for organizations to regularly rely on legal agreements to get important business tasks done. From vendor-related processes to supply chain and procurement, from staff recruitment and employment to facility management and real estate matters, etc., contracts play a pivotal role in how we get work done. However, successful contracts don’t happen based on set-and-forget principles. Rather, it is necessary to manage and track every stage of a contract’s lifecycle to achieve the best performance and compliance. Traditionally, this process was managed through manual paper systems that left too much room for errors….

If your business has been in operation for a number of years, the chances are high that you must have participated in a number of contracts over the years. But if you were asked to provide some contract information from a couple of years back, how long would it take to find that information? Can you pinpoint for sure your best and worst performing contracts? On closer scrutiny is the  answer you just gave accurate? Have you made more profits or losses from contracts so far? As more years roll by and your business continues to sign even more contracts,…