Contract Insights

Contract management software is instrumental in automating the drafting, negotiation, execution, and oversight of contracts. Naturally, there are some solutions that are better fitting for your organization than others. Because of this, the chances are you may be struggling with an outdated system that can cause you to miss out on the full value of your contracts. If your current contract management solution is slowing you down, it may be time to switch. But how do you know when it's time to upgrade? Well, here are three key signs that it's time to consider a superior contract lifecycle management software solution.

Procurement and supply chain professionals deal with an extensive and increasingly complex network of suppliers. These individuals can struggle with the inefficiencies of manual processes when managing contracts and tracking supplier performance. The lack of process centralization makes it difficult to keep tabs on each supplier's risk profile, delivery timelines, and quality standards. With fragmented documents and tedious spreadsheets, supplier base data can be prone to errors - delaying decision-making and risking compliance issues.

Streamlining and automating these processes allows businesses to gain visibility, maintain high-quality standards, and foster supplier relationships for a healthier supplier management strategy. This ultimately supports smoother and more strategic supplier lifecycle management workflows. So, let’s fine-tune your supplier management strategy for centralization and success!

Conversations about artificial intelligence in a business setting are important. According to a study performed by MIT Sloan Management Review, over 80% of organizations see AI as a vehicle for strategic opportunity. Additionally, 85% of organizations view AI as a means for competitive business advantages.¹

This interest in – and implementation of – AI applies to legal teams and other contract managers as well. Manually managing and reviewing an ever-increasing number of contracts of varying complexity is stressful and inefficient. But it does not have to be.

Organizations can improve contract review with AI-powered contract management software.

Contract data import and export processes can be riddled with bottlenecks, including challenges with data accuracy, format compatibility, and manual effort. Tedious input and validation processes slow down workflows, especially when handling large volumes of contracts and associated documentation, increasing the risk of human error. But it does not have to be this way. Here are three reasons contract data import and export can be easy with contract management software.