Contract Insights

Did you remember to read all of our blog posts from October? Don't worry; we have outlined each of them for you. Stay up-to-date with industry topics, real-world case studies, and contract management software and procurement best practices in November by reading the latest CobbleStone^® content.

The potential for contract risk is everywhere in the contract lifecycle...from missed deadlines to compliance issues and costly errors. Without a structured approach to managing contracts, organizations can quickly find themselves vulnerable to various risk variables that threaten financial stability, operational efficiency, and more. Fortunately, contract management software offers a myriad of tools to identify and mitigate these risks - keeping organizations on track and compliant. To that end, let's explore five common types of contract risk and how leading contract management software can help mitigate them - virtually ensuring smoother operations and peace of mind.

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 Because of this, the chances are you may be struggling with an outdated system that can cause you to miss out on the full value of your contracts.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!