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Contract Management White Paper—Best Practices
Contracts -- A Fundamental Business Building Block
Is Your Contract Management Just “Good Enough”? This paper covers common contract lifecycle management (CLM) problems and the benefits that best-of-breed contract management software can offer in moving businesses beyond just "good enough" to true contract management "best practices". Download the PDF.
Contracts and legal agreements are a fundamental building block in any business. They constitute the binding relationship between a company and its customers and suppliers; defining the terms, conditions and charges for the products and services provided.
The contract manager role is hence essential and the better contract managers are enabled with efficient contract management processes and best practice contract management tools, the more productive they can be at keeping the contract lifecycle moving smoothly, reducing costs and increasing revenue.
Managing contracts and agreements manually is inefficient and cumbersome. Contracts get lost, incorrect contract terms are used, and contract renewals do not happen when they should, resulting in wasted organizational time, lost revenue and increased costs. Compounding this situation is the potential compliance risk and liability that organizations face when not using approved terms and conditions or not following proper business rules and approval workflows. Control over contractual agreements is essential to survive the scrutiny of a financial audit or to support litigation.
Contract Management Software Advantages
Contract lifecycle management (CLM) software automates and streamlines enterprise contract management business requirements and processes for sales, procurement, legal, HR, etc., and provides contract managers and other stakeholders with an accessible, searchable online contract database (for signed contract agreements and the underlying contract data). The effect:
- Improved process efficiency
- Reduced costs
- Increased revenue
- Maximized contract value
- Minimized contract risks
- Assured compliance management
- And much more!
This best practices contract management PDF white paper presents some of the contract lifecycle management (CLM) problems that enterprises encounter and the benefits that best-of-breed contract management software can offer in moving enterprises and contract managers beyond just "good enough" to true "best practice" contract management software system implementations. Discover the contract management best practices that will help you improve your business efficiency, reduce costs, control revenue-generating opportunities, mitigate compliance and other risks and drive overall value for money.