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Key Performance Indicators (KPIs) are used to measure and track the progress and performance of your contracts. Monitoring your KPIs can help assist you in understanding contract performance measurements and insights so you can strategize how to tangibly optimize and drive results based on your current projects and initiatives.
Every company relies on contracts in some capacity to protect and control various aspects of their business operations. Whether it’s vendor relationships or customer obligations, contract management is present in every company. However, many companies today place little emphasis on contract lifecycle management optimization, and instead opt for subpar contracting systems or manual methods to oversee their contracts.
Are you planning to adopt a new contract lifecycle management (CLM) software solution into your business? If so, we recommend taking some key things into consideration prior to implementing your new CLM software.
In recent years, enterprises and various organizations have devoted more time and attention toward strategic contract lifecycle management (CLM) initiatives in efforts to drive business growth and profits. With the objective of reducing contract lifecycle times, many have redirected CLM processes from manual systems (i.e., physical storage and shared drives) to online CLM software solutions. In this way, companies can get the most out of their CLM with contract automation capabilities that can improve workplace productivity, compliance, and risk management all while shortening contract lifecycles.
It’s necessary to have a basic understanding of what contract lifecycle management is. Contract lifecycle management refers to the administration of contracts and how contributors plan for each stage of a contract’s lifecycle from contract request, to contract renewal or expiration. Effective contract lifecycle management results in the elimination, mitigation, or reduction of risks.
There are many integrations available today that help improve contract lifecycle management. Here at Dock, we utilize several integrations to help provide powerful contract lifecycle management. Want to learn more about some key integrations that help with contract lifecycle management? Here is a guide to contract management integrations that will give you a broad overview. Today, we will discuss DocuSign as an integration option for contract management in more detail.
This is the concluding blog in our stages of contract lifecycle. We have discussed each stage that occurs in a given contract’s lifecycle, and we will cover the final stage below. For more information on the first eight stages that occur within the lifecycle of a contract, view the following links below:
In this contract lifecycle management series, we have discussed the first seven stages that occur within the lifecycle of a contract. These stages include the following:
In this contract lifecycle management series, we have discussed the first six stages that occur within the lifecycle of a contract. These stages include the following: