Overview
Managing contracts from requests to renewals can prove difficult when relying on primarily manual processes. Without accountability, visibility, clearly defined strategies and actionable insights, you can find yourself running into compliance issues, minimising contract value, and encountering other setbacks. Fortunately, implementing the following seven key contract management best practices can help you successfully streamline your contract lifecycle management processes.
A contract management best practice is an industry-standard action taken to increase the efficiency and efficacy of contract administration processes. As contract management and legal operations continue to transform digitally, a contract management best practice usually involves leading contract lifecycle management software tools.
1. Leverage a centralised and secure electronic contract repository
2. Streamline contract data extraction and identification
3. Protect sensitive and confidential contract data
4. Maximise contract data protection with configurable user permissions
5. Automate contract lifecycle management
6. Integrate contract lifecycle automation from requests to renewals
7. Expedite contract assembly
8. Leverage an online contract document editing interface
9. Contract document version tracking and audit trails
10. Leverage contract artificial intelligence
11. Maximise contract tracking oversight
12. Contract searching made easy
13. Contract management dashboards for analytics and reporting
14. Streamline contract signing with electronic signatures
15. Effectively manage contract risk
16. Efficiently manage contracts remotely
17. Web-enabled contract redlining for speedy remote negotiations
18. A mobile app for on-the-go contract management
For the expanded details, download the whitepaper pdf.
Don’t waste any more time with contract management bottlenecks. Discover how you can maximise each contract management best practice with Contract Insight CLM software. Contact John O’Brien, CEO at Four Business Solutions – global business consultants and software integrators specialising in business process improvement
