Contract Insights

The contract approval process can prove challenging for many contract management and contract administration professionals.  Without the proper contract lifecycle management tools in place, bottlenecks and human error can lead to longer contract lifecycle times. Delayed contract approvals may fail to meet business rules, business processes, and business and regulatory compliance standards - potentially leading to missed opportunities for time-sensitive pricing options and special terms.  The challenges and problems of inefficient contract administration are apparent, but what are the root causes of the issues with contract approvals?

2021 has already brought many enhancements and innovations to contract management automation - and contract management technology will not stop enhancing contract management processes any time soon.  Your organization could be missing out on user-friendly and future-minded contract management system tools.  As such, here is a list of four must-have contract management software features for a streamlined, simplified, cost-effective, and configurable process for increased ROI.

Companies of all sizes within both the public and private sectors often find themselves maneuvering multiple contracts at once - with said contracts progressing at various stages of the contract lifecycle.  As such, they must build an efficient, organized, and cost-effective contract lifecycle management process that helps with all stages of the contract lifecycle.  Read on to learn how to get started building a strong and centralized contract lifecycle process - as well as how this undertaking can be significantly simplified and improved with the right strategy, rather than the cheapest and most manual.

This blog post was updated on April 1st, 2021

In our previous Contract Insights blog, “Contract Lifecycle Management Part 1: Mastering Contract Management Blog Series,” we discussed common contract lifecycle management tasks and processes that challenge organizations - and how these challenges can negatively impact contract lifecycles.  In this conclusion to that blog, we detail the reasons organizations should implement contract lifecycle management - as well as the core functionality that should be leveraged for the most powerful contract management software experience.