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As your organisation grows, so do contract complexity and contract volume. This growth requires an improvement in contract processes. No matter which industry your organisation inhabits, your team will need to invest in a user-friendly contract management software solution. But first: what is contract management software? Contract management software is a legal technology solution used to streamline and automate contract management, contract lifecycle management, document management, counterparty collaboration, risk management, reporting and analytics.
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Managing government contracts with disparate processes such as shared drives, email, disorganised documents, and disorderly spreadsheets can prove challenging and leave your organisation vulnerable to undue risk. Public contract managers implementing such disparate contract management methods can transform their processes and maximise their budget by fiscal year-end by investing in a robust contract management software system that can seamlessly evolve with their organisations’ needs. Contract management professionals can streamline their processes with the help of an end-to-end government contract management software suite.
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Contracts are legally binding – and thus need to be executed properly. As such, organisations should be equipped with a thorough understanding of the contract lifecycle. The contract lifecycle is the process under which a contract is authored, reviewed, sent for signature, executed, and – potentially – renewed. The “lifecycle” is an archetype used to compartmentalise and understand a contract’s complex evolution. The lifecycle begins with contract requests and concludes when said requests are fulfilled – with the possibility of contract renewal. Learn about the eight stages of the contract lifecycle below.
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Managing the contract lifecycle from requests to renewals can prove difficult with spreadsheets, emails, filing cabinets, and other disparate tools and systems. Without accountability, visibility, a clearly defined process and actionable insights, organisations can find themselves running into compliance issues, not realising contract value, and encountering other setbacks. Contract lifecycle management requires careful planning, the right technology, a well-planned contract strategy, and holistic contract lifecycle automation processes. Thankfully, robust contract management software with a foundation of AI and machine learning can help automate contract lifecycle management processes.
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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 organisation 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.
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