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Selecting an appropriate contract lifecycle management solution that is fit for your organization's specific needs and objectives can be a very difficult process that requires lots of thought and consideration. Businesses of all sizes should take a considerable amount of time when deciding which contact software to use. Enterprises must especially take this process seriously, weighing the pros and cons of the various contract lifecycle management software platforms available. Today, there is a myriad of contract management solutions that use leading business apps and tools. Many of these platforms leverage Office 365, SharePoint, Power BI, Microsoft Dynamics, E-signature integrations, and much more. Choosing a contract lifecycle management system that assimilates with your existing infrastructure offers several advantages that makes the implementation and deployment phase remarkably easy. Leveraging your existing infrastructure allows you to save costs in several places, rather than having to spend additional funds on a third-party system.
Contract lifecycle management is a process that plays a crucial role in the success of any organization. And as time passes, many technological advancements and robust innovations that streamline contracting continue to rise to the surface to empower contract managers and business owners. To keep your organization competitive in the contract management sphere, we have developed a list of contract management tools most conducive to enhance contract results and productivity.
Contract lifecycle management refers to the successful administration of contracts and the manner that contributors effectively plan for each stage of a contract’s lifecycle – resulting in the elimination, mitigation, or reduction of risks.
The technological advancements available today in contract management have made it entirely possible to automate and create more efficient pathways for daily contract-related operations. If your company fails to use the most current technology for your contract management processes, you're only setting yourself behind and making yourself less competitive. Have the edge with up-to-date technology that allows for an optimal contract management system.
Contract signing is one of the most important processes in contract management. Today’s electronic signature technologies revolutionized that process. Electronic signature capabilities are essential for an efficient contract management solution.
The Covid-19 pandemic has changed the entire dynamic of business in the US. Contract management is at the core of every business transaction, and the Covid pandemic has made contract management a critical part of every business. Any disruption in contract management will directly impact the organization's revenue and spending. This is why it is important to review your contract management system.
Using a manual method for managing contracts could be practical for 3-4 contracts, but when it comes to managing a variety of supply chain contracts, with various workflows, due dates, expiration dates, and renewal terms, the manual method will likely fail to prove efficient. Studies have found that over 14% of businesses are affected by supply chain issues due to the ongoing pandemic.
The new decade brought drastic changes to every sector of the world. These changes also resounded in the enterprise organizations, their daily activities were affected, workforce shifted to the comfort and safety of their home, and the demand for digitalization has increased now more than ever. Enterprise activities that profoundly depended on the people that were physically present on site has been forced to change to virtual solutions, so that those processes will keep running smoothly. For enterprise organizations the digitalization move was essential so they could keep running their business.