Today, the highly competitive nature of the market has made it imperative for enterprises to focus on strategies that would deliver the best operational performance, eliminate unnecessary costs, and at the same time, increase financial transparency. Companies need to drive savings to their bottom line while achieving process efficiencies. One of the best ways to do this effectively is through maintaining proper contract management processes.
Despite the importance of contacts, most enterprises still do not have a centralized repository to store all their contracts. If compliance management is one of the critical focus areas, this is the ideal high time for organizations to start consolidating their contracts across business units located globally. The aim is to close process gaps and ensure visibility into the contractual and non-contractual spending, thus having complete control over the contract and legal compliance and obligations.
It has been seen that best-in-class organizations achieve up to 80% more savings than others through a set system of contract compliance.
Contract visibility and risk identification and mitigation capabilities are the keys to eliminating compliance issues and achieving maximum contract compliance, the importance of which cannot be emphasized enough. Good compliance management not only saves you billions of dollars by avoiding hefty penalties but also helps to maintain the reputation of your organization.
In this document, we will focus on the best practices that can support the implementation of a streamlined contract management software. Download our whitepaper to learn how to:
- Deploy a contract repository that is dynamic and in tune with market trends.
- Define and communicate essential benchmarks for measurement of performance with regards to contract compliance.
- Establish a smooth system of contract audits for internal processes.
- Standardize and accelerate contract authoring by maintaining a contract template and clause library.
- Create a standard workflow for collaborative authoring and negotiation of contracts.