Contract Insights

The age of legal operations digital transformation continues in 2023, with even more exciting digitization tools for business process automation available.  The more contract administration tools available to legal teams and contract administrators – however – the easier it is to fall behind.  With that said, let’s examine six tips for effective contract management in 2023 to get ahead with contract management software.

It is easy to make your case for contract management software and its ability to positively transform contract lifecycle management processes.  With so many user-friendly contract management software features at your disposal, it can be overwhelming to plan precisely how to utilize contract management software for your organization's needs.  But it does not have to be.  To that end, here are four fundamental contract management software features to get you started with better contract administration in the age of legal operations digital transformation.

As contract management is a multi-faceted process with numerous steps and moving parts, it is easy for your organization to face problems.  This risk of contract management issues is significantly increased if your organization leverages manual or antiquated contract management tools.  To elucidate the CLM hardships you face and encourage growth - here is a list of six problems you might encounter in contract management.  After that, we can note how to solve such issues with contract management software.

Contract creation is a multi-faceted process.  Without the proper procedures, your organization can suffer from increased risk, drawn-out contract lifecycle times, and missed opportunities - among other deleterious consequences.  Contract documents and data stored on spreadsheets, email servers, and shared drives alone can result in lost contract documents and versions.  Back-and-forth contract drafting via email can result in slow collaboration times and unclear document versions.  An inadequate clause management process can result in the wrong clauses being included in contracts and missed opportunities.  Wet contract signatures can result in long send-to-sign times and costly postage expenses.  What's more, risk can increase, resulting in lost revenue, data leakage, lawsuits, and more.  Fortunately, you can leverage contract management software to avoid sending your contract creation process into a tailspin.  To that end, here are six ways contract creation software can improve your contracting process.