How Digital Contract Management Can Reduce Overhead Costs
If you’re a business owner, you may be familiar with contract management. However, not everybody understands the advantages of this discipline. With contract management, you may address specific issues in your company by simply gaining access to industry-wide statistics and data. And as you gather new knowledge and information, you get to adapt the best […]
Can HR Managers Be Contract Managers?
Various departments in a company can confuse work peers. With that being said, a common mistake is that people tend to interchange roles like human resources managers and contract managers. On the surface, they can seem pretty similar, but each role demands specific skill sets, expertise, and knowledge. Today, we’ll dig a bit deeper into […]
Breaking Down the Stages of Contract Lifecycle Management
When handling contracts, it’s always a good idea to track their progress from its early stages. This will ensure that all parties have a clear understanding of the whole process, allowing you to meet all the requirements and objectives that will promise optimal results. For this reason, many businesses rely on contract tracking software that […]
When Is It Time to Review Your Contract Management Process?
Any thriving business requires contract management processes. With it, you increase efficiency by ensuring that everybody delivers work on time, you fulfill your company’s commitments, pursue potential revenue streams, assess legal and economic concerns, and so on. Unfortunately, recognizing warning indicators are a frequent oversight for many managers. When your contracting processes are ineffective, issues […]
All the Ways Poor Contract Management Can Set You Back
Contracts play a huge role in successful businesses. They work as formal agreements between the company and its suppliers in making purchases or selling goods and services. It takes skills and experience for these contracts to be managed efficiently and effectively throughout the contract lifecycle. However, most businesses focus on them only during front-end negotiations. […]
What Small Businesses Need to Know About Procurement Contracts
No organization can survive without collaborations and relationships. One idea may launch a company, but to ensure its survival and growth, you must recruit the right people and form mutually beneficial relationships with other business leaders in your industry. When collaborating with different organizations, it’s crucial to have a contract to define the relationship and […]
The Important Role of OCR in Contract Management
Thanks to technological developments, many of us have streamlined various business operations and tasks, allowing us to improve our productivity, efficiency, and customer service. With that in mind, one of the most significant advancements today is optical character recognition or OCR. OCR is fairly easy to understand — it is a technology that permits a […]
Top Contract Management Mistakes You May Be Making
It comes with no surprise that contract management requires several skills. In essence, contract managers are meant to think like consultants, wherein they’re encouraged to find the root cause of every issue. Consultants are known to find every root cause in defective processing, and once they identify this, they can create necessary changes in the […]
Why Does Contract Management Matter, Anyway?
If you’ve been running a business, then you’re most likely familiar with signing contracts, whether with your employees or business partners. Contracts are undoubtedly crucial collaboration and communication tools, which significantly impact your business’s relationships and revenue, but simply coming to an agreement with other parties won’t catapult your company to the top. Beyond drafting […]
Contract Management Best Practices for Procurement
We’ve all seen the headlines of what happens when procurement goes wrong at a very large company. Stocks dive, trust disappears, and in the worst cases, CEOs are carted away in handcuffs. With procurement contracts worth tens or hundreds of thousands of dollars, the stakes are high and you can’t afford to leave your procurement […]