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Today, many leading real estate organizations recognize the utility of contract management software and have made the transition to a digital solution to oversee their contracts. You too can make the most of your real estate transactions by leveraging a contracting strategy that prioritizes visibility and accountability. In this way, you can make the most intelligent and well-informed decisions. Due to the many advanced capabilities offered by modern real estate contract management software, real estate leaders can streamline the entirety of the contract lifecycle, reduce turnaround times, and achieve better results.
Contracts are at the core of any organization, and proper management of these important documents can lead to some pretty incredible outcomes. However, poor contract management strategies can put your organization on the fast track to bottlenecks, increased risk potential, and failure to follow through on contracted obligations. The Institute for Supply Management reports that written agreements oversee between 60 and 80 percent of business-to-business transactions. Their report additionally notes how Fortune 1000 companies typically manage anywhere from 20 thousand to 40 thousand contracts at all times.
Contract management software increases productivity, saves time, automates tasks, and improves contract management efficiency. These solutions can help companies cut costs during contract lifecycle management, however, it’s important to choose a solution that delivers and is worth the price.
Effective contract monitoring is key to overseeing the progress and performance of all of your organization’s contracts. While some contract managers use manual methods to track their contracts, many others opt to automate contract lifecycles, allowing for easier monitoring, maximal time-efficiency, and increased risk mitigation. There are a few best practices to keep in mind while monitoring your legal agreements, now let’s go ahead and discuss them in detail below.
Enterprise contract lifecycle management (CLM) software is a phenomenal tool for comprehensive, streamlined contract lifecycle management. A CLM solution built for enterprises centralizes a company’s legal agreements into one location that automates processes, creating an environment for both clear communication and productive collaboration.
Every business utilizes contracts to partner with customers and vendors, as well as when hiring employees. However, you might be wondering what all goes into a contract. In this blog, we will discuss some of the clauses that you will commonly find within a contract, and we will also discuss how to properly manage your contract clauses throughout contract lifecycles. Managing clauses can be difficult for any contract administrator or legal professional, so learning more about these processes can help you effectively oversee your clauses. And with disconnected processes like spreadsheets, shared drives, and emails, clause management can become that much more taxing.
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.
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: