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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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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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