Contract Administration vs Contract Management
You have probably heard your team talking about contract administration and contract management. The two terms are used interchangeably but they’re actually different processes. Getting a handle on the contract workflow at your organization is vital to managing your contract load and prevents mistakes like going into a contract negotiation late or unprepared. It also […]
Contract Drafting Best Practices for Your Small Business
Contracts can be daunting for small business leaders but you can rely on contract drafting best practices. With a bit of planning and the right tools, you can get what you need and protect your company from breach. Contract Drafting Process The first step in the drafting process is to get clarity on who the […]
12 Contract Terms Every Small Business Owner Should Know
Contracts are getting more complex and it’s hard to get a handle on all the contract terms in documents that can stretch into the tens of pages. But that doesn’t mean you can slack off. Law firm DMSHB says many small business owners “treat contracts like consumers,” failing to review them carefully and failing to […]
Understanding the Importance of Digitally Transforming Contract Management
If you’ve thought that society is becoming more digital than ever, it’s not just you! “Digital” is undoubtedly the perfect word to describe the recent events of the new decade. The fusion of advances in AI, the Internet of Things, quantum computing, and other technologies make up the collective force behind the indispensable products and […]
How Healthcare Organizations can Implement a CLM System
If there’s one crucial lesson COVID-19 taught us, it’s that industries can find more efficient, effective, and electronic ways to offer their products and services to customers. Physical processes involve risks, such as minimal social distancing and increased chances of spreading COVID-19. While applicable to the business sector, how does electronic efficiency and effectiveness positively […]
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 […]
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 […]
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 […]