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Why SharePoint is Optimal For Contract Management

Have you implemented SharePoint into your contract management system?

Contract Management Defined

Contract management is a complex process involving many moving parts. A contract is created, then approved by the sending party, then negotiated or approved by the receiving party. Each step in the contract process, or stage, is known as a workflow stage. Workflow stages are conditions that contain tasks that must be performed for a contract to be signed by all parties. Workflow stages can be the responsibility of either the sending party or the receiving party or all parties.

A Binding Procurement Process using Contract Management System

What is procurement? Procurement is the process of obtaining goods or services from an external source that are essential to the growth of your organization. Companies worldwide engage in the procurement process through a tendering or a bidding process. Procurement is often confused with common purchase; this confusion could arise due to an unfamiliarity in the domain.  Procurement is the process of sourcing and obtaining the goods and services required for the company to fulfill its business objectives through a series of negotiation and strategic decisions, purchasing is the process of buying goods and services.  An example of a procurement item is a quantity of sugar purchased by an ice cream manufacturer to add to the ingredients of the ice cream they sell.  An example of a purchase is when a consumer shops at a grocery store to buy a pint of ice cream to eat.  Procurement items are essentially ingredients to make other products or services to sell, in the middle of the item's life cycle.  Purchase items are essentially consumed or used in full, at the end of the item's life cycle.

Top Dock 365 Contract Management Blogs: 2020

The adjustment to Covid continues to change the workplace.  Software such as contract management systems have increased demand and usage in the remote work setting.  Employees working from home have participated more as a daily user of contract management software than pre-Covid.  As employees return to offices, or begin hybrid work environments, contract management systems will continue to be an important software for every company.  According to the Wall Street Journal, Microsoft began a hybrid work environment on March 29, 2021.

The sudden switch to remote work has forced us to find new and innovative ways to deal with our daily tasks. Countless solutions have been introduced in the market to tackle the daily organizational activities. These solutions include intranet portal, project management solution, helpdesk solution, contract management etc. Among these solutions contract management has proved to be the most useful and handy for enterprise organizations in the remote work handling.

A Basic Guide to Breach of Contract

Cornell University’s law department defines breach of contract as the violation of a contractual obligation.  One may breach a contract by repudiating a promise, failing to perform a promise, or interfering with another party’s performance.” 

How to Overcome the Challenges in Implementing a CLM During the Pandemic

Many things changed when the pandemic struck the world. Not even a single sector survived without at least a certain number of problems. Business sectors across the globe got affected badly. However, technology and superior digital innovations, helped the world to overcome those limitations and risks to a big extend. The digital transformation happened 4 to 8 times quicker in this period. Modern contract management tools gained better relevance and demand in this backdrop. As the pandemic situation does not seem to move any soon, businesses need to consider smart businesses for contract lifecycle management. In today’s blog, we are going to explain how to overcome the challenges of implementing a CLM during the pandemic.

5 Warning Signs Your Contract Management Software Is Hurting Your Business

Do you have a Contract Management system setup for your business? If yes, that is a smart move. Modern businesses need specialized solutions to handle critical processes like contract management and vendor management. However, the efficiency of these solutions is significant to ensure that you are getting the right support your business requires. As time goes, the demands and challenges your business face will also change. If your Contract Management system is not able to handle those changing needs and demands, it is time for you to look for another suitable option. In this blog, we are trying to make you aware of 5 warning signs that prove your CMS is hurting your business.

Contract Management: Efficient Tracking and Monitoring

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 contract monitoring,  even after the deal has been signed.

How Contract Management Software Can Fast Track Your Business

Contract management is one of the most crucial processes in an enterprise organization. Every year companies spend thousands of dollars trying to make the process more efficientBecause the process is so intricateone slip-up could set off a chain of other issues that would inevitably result in legal troubles. So, it is important that the contract lifecycle management is smoothly handled for enterprise companies.  

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