Contract Management is a process that is usually defined as the execution and monitoring of the contract to maximize its potential while minimizing risks. With contract management, you can track all your purchases and/or sales related to contract. You can also easily search your contract repository and find related metadata to take quick action. The main importance of a quality contract management is to provide a systematic platform, offering several tangible benefits to a corporation, such as:
Across industries and in our global economy, procurement contracting has expanded significantly. Procurement officers are tasked with sourcing and managing the acquisition of all goods and services for their company or government department, as well as authorizing and negotiating renewals and terms. This is a tall order with many variables and challenges to consider. So how can procurement officers keep everything straight and what tools can they use to make their job a bit easier? ContractRoom offers the perfect solution for procurement professionals. Below are a few ways that ContractRoom has transformed procurement contracting.
We’ve got smart phones and smart houses. The way we live and work has become immeasurably more interesting and efficient because of our technology. The same is true for contract negotiations and the future is looking even smarter. With emerging technology like Blockchain, contract lifecycle management (CLM) can be further revolutionized through self-execution, transparency, and mass collaboration.
Nothing can strike fear into the hearts of attorneys or businesses like “breach of contract.” Contract negotiations are tedious, exhausting and overwhelming. When a hard fought executed contract is found to be non-compliant, the results can be devastating to all parties involved. While a simple verbal contract, which meets minimal criteria can be legally binding. For business transactions memorialized in writing, contract compliance is significantly more rigid and complex.
In a perfect world, business and legal activity would flow smoothly, employee productivity would be peak levels, and work/life balance would be mandatory. But, since the world is far from perfect, corporations and their employees must do their best with imperfect environment. However, much of the business world is seeking a transformation of internal operations to achieve greater efficiencies and outcomes. With respect to the operation of business transaction contracting, there are several success stories of corporations embracing technology to help foster and achieve success – the key though is to lay the proper foundation which in some cases requires re-engineering process flows.
The need for configurable software applications in the large enterprises is becoming more and more of a necessity. Instead of customized solutions, which are essentially company specific, buyers are now demanding applications that evolve with ‘digitization’ best practices and are flexible enough to be altered easily as these practices are shared. Better still, many companies are in the midst of transforming processes and operations to improve overall efficiencies and productivity; however, it can require a lot of fine-tuning (and custom coding) to optimize the current environment when dealing with clunky legacy systems. Unfortunately, with a custom built tool or application, you just can’t get that flexibility and are stuck with the ‘as is’ or face costly change orders. Conversely, by providing configurable applications, developers are ensuring that these applications are easy to maintain, alter and scale as industry standards evolve, and company needs are harmonized and optimized. So, what is the process?
Lauren Harriman, J.D., CIPP/US, is a technology law blogger for TechTalkTranslated.com, the blog she launched during her final year at the University of San Francisco School of Law. She initially launched the blog so that she could explain tech and news about tech privacy to readers who were not tech-savvy and make them laugh at the same time. Today, she writes about emerging technologies and associated legal issues. A product of both coasts of the United States, she began her career as a programmer for a small startup in Silicon Valley. She spends her free time skiing and developing ways to automate her work.
How contract lifecycle management software can help reduce risks in negotiation!
Deal desks for sales teams are found throughout many industries and can range in size and complexity. Some examples include those for enterprise technology sales and more complicated manufacturing deals.