Contract management is vital for in-house legal teams, driving business success and compliance. This article offers a concise guide on creating a streamlined process, minimizing risks, and boosting efficiency.
Contemporary contract management often implies software solutions such as Legisway to optimise each stage of contract management, including initiation, renewal, or termination.
By streamlining processes, these platforms can result in significant time and cost savings, with studies by the International Association for Contract & Commercial Management (IACCM) indicating a potential 9.2% improvement in annual revenue.
Additionally, they provide features such as document storage, automated notifications, and reporting capabilities, which contribute to enhanced compliance.
Organizations with automated contract management have experienced a 73% higher contract compliance rate, according to a report by the Aberdeen Group. Thus, incorporating contract management software can considerably enhance the efficacy and productivity of your contract management procedures.
Implementing standardised templates and workflows promotes uniformity and efficiency in contract generation and administration. This approach mitigates the possibility of inaccuracies and saves time by offering a structured methodology for contract management.
The development of standardised templates and workflows entails:
Developing an efficient contract management process is essential for organizations to skillfully navigate contractual complexities and strengthen compliance, mitigate risks, and improve overall business operations.
Ready to build your effective contract management process?
Start by identifying your objectives and requirements, assessing the adoption of contract management software, designing standardized templates and workflows, and establishing clear roles and responsibilities.
With a strong foundation in place, your organisation can optimise contract management for long-term success.