Rundown of Our Latest Webinar – ‘Taking Contract Management Beyond the Edge of the Enterprise’

Thanks to all the attendees for your active participation during our latest interactive webinar hosted with IACCM, ‘Taking Contract Management Beyond the Edge of the Enterprise’. For those of you who missed it, here's a quick rundown.   The webinar, presented by Arthur Raguette (Co-founder, Ultria) and Tim Cummins (CEO, IACCM) talked about the need to introduce a collaborative culture of contract management among the contracting functions (Sales, Legal, Finance, Procurement, HR). CLM tool’s integration with other enterprise systems like...

Best Practices to Ensure Contract Compliance – Part 2: Maintain a Contract Template and Clause Library

Related: Best practices to ensure contract compliance – part 1 Thanks for being part of our blog series on best practices to ensure contract compliance. Today’s post will talk about best practice #2—maintaining a contract template and clause library. Standardized contract creation = Faster contract creation! Drafting contracts from scratch makes authoring time-consuming and error-prone. Using configurable templates standardizes the contract language across contract categories and reduces the chances of errors. A comprehensive library of pre-approved clauses (including alternate and...

Best Practices to Ensure Contract Compliance – Part 1: Establish Audit System for Internal Processes

Every organization strives to achieve compliance for their contracts. Establishing a smooth audit system for internal processes is one of the best practices to ensure your contracts are always compliant. Conducting audits periodically will ensure adherence to various contractual terms and conditions and reinforce timely fulfillment of obligations. This, in turn, will facilitate effective enforcement of penalty clauses (for missed milestones of payment, etc.), identification of opportunities for cross-selling and up-selling of products and services, and an overall prevention of...

Best Practices to Ensure Contract Compliance

Achieving contract compliance is one of the most important goals of post-award contract management. To do so, it is imperative to manage the various contractual obligations well, track important milestones in a timely fashion, and ensure meeting necessary regulations.   The best practices to ensure contract compliance include:   Establishing a smooth system of contract audits for internal processes Maintaining a contract template and clause library Creating standard workflows Defining and communicating essential benchmarks for measurement of performance   Download...

Benefits of Automated Post-Award Contract Management

Thanks for being part of our blog series on post-award contract management! While part-1 of this blog series established the significance of managing contracts post-signing, part-2 focused on the challenges to effective post-award contract management. Today’s blog post will discuss how automation helps address all those challenges successfully.   Benefits of automated post-award contract management include:   Effective obligation management: CLM’s integration with external databases and systems such as CRM, ERP, and CPQ tools enables milestone tracking to facilitate tracking...

Quantifying the ROI from Contract Management Technology

Whether implementing a contract management solution will generate profitable returns for organizations is the one question on everyone’s mind!   To answer this, one can utilize industrial research data and estimate CLM’s ROI for their organization based on: Reduction in legal employee costs Prevention of financial losses Reduction in sales operation costs Management of renewable contracts Penalty avoidance and/or recapture Identification of consolidation opportunities   (Refer to the infographic on the right.)   Our latest whitepaper provides a stepwise breakdown...

5 Challenges to Post-Award Contract Management

In our previous blog post in the post-award contract management series, we explained the term and established the significance of post-award contract management processes. Today’s post will address the core issues we often face with post-award contract management. Enterprises deal with thousands of contracts spanning various functions like legal, sales, HR, procurement, and so on. Manually managing this many contracts and tracking post-award contract compliance becomes problematic, to say the least. The most common challenges to effective post-award contract management...

Does Post-Award Contract Management Really Matter?

Welcome to our blog series on post-award contract management! In this series, we will discuss all that you need to know about post-award contract management—what it means, the challenges contract managers face, how best to go about it, and so on. We will take on the most frequently asked questions we have received from our customers and bring all the answers to you. For starters, let us discuss what does the term “post-award contract management” really stand for. A contract’s...

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