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Contract management is the ability to find pertinent details of any contract in the supply chain of an operation, and then use those contract details in a meaningful way. Being aware of all the pertinent details of all contracts is imperative. Memorizing all contracts is improbable, especially when a company has hundreds of contracts. Furthermore, not every person can memorize the exact same configuration of contract content as another person. As more people are involved in the contract process, the need for efficient contract management grows.
Hospital Administrators are in the business of saving lives, just as much as the physicians, surgeons, and nurses they employ. To keep a staff of physicians and nurses legally compliant, confirming that Continuing Medical Education (CME) credit requirements of the American Medical Association (AMA) and other governing bodies are up to date is at the forefront of the hospital administrator. The problem is that each type of physician, surgeon, specialist, or nurse requires a different set of CME credits, and each physician or nurse completes their CME at different times of the year, and each state has different guidelines, and so on and so forth. Manually managing these processes is neither feasible nor cost effective. The solution is a Contract Management System.
Contract management is a continuous process, starting from the creation of contracts to signing them and closing the deal. In most cases after the deal has been closed the contract documents are put away to storage and forgotten about it until some issue occur or contract period expires. But what most managers forget is that the secret behind a successful contract management system is the proper tracking and monitoring of the contracts, even after the deal has been signed.
In every industry, there will be a fair share of contracts and legal agreements. And one thing is certain when it comes to contracts: there will be challenges. Every company faces challenges during contract management, however, some of these challenges might arise from a lack of resources or loose ends in supervision of contract life cycle management.
An electronic signature is a replacement for handwritten signatures in the digital world. It can be used as a replacement in all types of digital documents or forms, it has the same legal standing as the handwritten signature. Most of the organizations are still using the paperwork for contract management and this would involve printing out the contracts, signing the documents physically, and scanning them to fax, all done manually. But by adopting a contract management software you can avoid all those massive roadblocks and ensure efficiency in your workflow. If you have E-signature capabilities, combined with the document handling capabilities of a contract management system, you can streamline your contract workflow. Here in this blog, we talk about how you can make the best out of E-signature capabilities. How can you create one? How to manage them etc.
Every company must go through a contract management process. It’s inevitable that your business will manage written agreements with other businesses. Whether it’s a partnership a purchase, or the solicitation of a vendor, you will have to have a contract agreement. Most people think of the contract management process as simply writing up an agreement and signing it, but that's not the case.
Why should your organization be using an enterprise contract management solution? If you are a contract manager or a lawyer or even a compliance officer at your organization and you have discovered that the paper-based system that you have been using for the past many years is proving to be inadequate for your contract management needs, you might want to start thinking about implementing an automated contract management solution at your organization. Of course, you might need to get the executives and your managers on board for implementing the solution in your organization. How would you prove your point to your managers? How would you persuade the management that the proposed automatic contract management solution, is in fact profitable and essential investment for both the productivity and growth of the organization?