Your Guide to Auditing Your Contract Management Process
Having an efficient and effective contract management process is crucial to the success of any modern business. So much so that even the slightest hints of inefficiency can have disastrous effects. This is especially true if your goal is to grow and scale your business. Considering how important it is to ensure that your contract […]
5 Reasons to Use CLM Software for Contract Compliance Tracking
Contract Lifecycle Management (CLM) is an automated system that streamlines contract processes, such as initiation, authoring, process and workflow, negotiation and approval, execution, ongoing management, contract compliance tracking, and contract renewal during their critical stages. Contracts can become challenging to manage. However, due to the emergence of contract management software, companies can now track every […]
How Contract Management in ERP Software Amplifies Businesses
Enterprise Resource Planning (ERP) software has multiple features that may differ with every vendor. Some features are naturally standard across the industry. Still, several additional modules and add-ons are available on a case-by-case basis that can assist your business with specific needs. Among these special features is ERP contract management, which speeds up manual workflows […]
Why Implementation Is the Key to a Successful CLM System
Businesses often pay little attention to their contract lifecycle management, which can cause quite a number of setbacks when it comes to business operations and maintaining relationships with customers, companies, and employees. Improving your contract lifecycle management by undertaking a software system can be a step in the right direction. However, there’s more to successful […]
5 Ways to Succeed in Contract Management Practices for Procurement
Contract management is an indispensable part of the procurement cycle of any organization. After all, contracts are always connected to a company’s relationship with suppliers, vendors, external service providers, and more. Manually processing contracts could be inefficient and time-consuming, leading to higher expenses and possible data breaches. As such, it is important for procurement and […]
A Primer for Evaluating and Mitigating Contract Risks
Risk management is an important part of ensuring that your company’s projects are successful and mitigating risks that can harm your business. That’s why contract management is vital in risk management because there are certain risks that are involved in any legal agreement. There are a few important risk factors that you should consider in […]
Digital Transformation in Contracts: Integrating Anapact With NetSuite
All businesses, whether new or old, need to keep updated when it comes to the technology used to help them run. Using up-to-date business systems will ensure that the operations will continue to run smoothly and without setbacks. Most companies are pushing to go paperless, and in line with this, many have already adapted cloud-based […]
3 Contract Theories You Should Know About
We’ve come a long way in how we do business. From handshakes and verbal agreements, today’s business owners have moved on to using automated contract management systems to solidify relationships, fulfill promises, and reach the goals of an organization. However, although contracts seem pretty simple to understand and easy to do thanks to the tools […]
How CLM Differs from Traditional Contract Management
In the current increasingly digital landscape, should you still stick to traditional contract management? Searching for an agreement in a shared server or file drawer has long been the tried and tested method of searching for and comparing contracts with each other. With technological tools available, documents are now more accessible and searchable. However, what […]
6 Clauses Typically Found in Commercial Contracts
If you run a business, you’ve likely needed the services of a vendor or supplier to help you provide the best product possible to your target audience, which often involves a commercial contract. This document is a legally binding agreement between two or more parties that outlines what all parties must do so the contract […]