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Contract authoring is one of the most important stages in the life of a contract. An inefficient contract authoring process often relies on decentralised clauses, lacklustre compliance management and version tracking, inadequate line item management and a lack of unification of contracts and subcontracts. These contract management pitfalls can hinder organisations and result in error-prone contracts with missing or misplaced clauses, overlooked key dates and milestones and a disorganised process that stalls the contract lifecycle. Luckily, leading contract management software can provide intelligent contract authoring. Read on to learn how to simplify and modernise the contract authoring process.
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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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