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Companies of all sizes within both the public and private sectors often find themselves manoeuvering multiple contracts at once – with said contracts progressing at various stages of the contract lifecycle. As such, they must build an efficient, organised 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 centralised contract lifecycle process – as well as how this can be significantly simplified and improved with the right strategy.
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2021 has arrived, and with it comes new innovations to your contract management software processes. Keeping this in mind, we have outlined six critical contract management tools that your organisation should equip itself with to stay ahead of future-minded contract management best practices in 2021 and beyond.
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The terms “contract management” and “contract lifecycle management” may at first seem interchangeable. However, there are clear differences between the two. Organisations looking for opportunities to streamline contract processes, increase revenue, improve compliance and maintain security will benefit an understanding of the differences between contract management and contract lifecycle management so that – when the time is right – they can adeptly leverage contracts to achieve organisational goals and reach new heights in contract administration.
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Managing various construction contracts can be a challenging process to coordinate and streamline – especially when dealing with multiple stakeholders and ranging construction project timelines. Relying on disparate contract management methods – such as postal mail, wet-signatures, filing cabinets, emails, shared drives and paper-based negotiations – can waste precious time and energy. With the help of a streamlined construction contract management software, you can centralise and streamline your processes, and capture full contract lifecycle management oversight from contract requests to renewals, especially with the help of integrated eSourcing software that streamlines construction project bidding.
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Robust contract data management, contract analytics and contract data security provide the necessary insights and protection for organisations to cut contract lifecycle times with enhanced control, governance, security and visibility. You can transform contracts into powerful, data-driven sources of business intelligence that support contract strategy, contract management KPIs and goals with the help of leading contract management software.
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