Contract Management in 2021

1
Contract Management in 2021

• How it benefits businesses

2
What is Contract Management?

• Contract management is the process of tracking
  and managing contracts throughout their life
  spans.
• It includes all of the activities involved in
  this including negotiation, administration,
  monitoring, and compliance.
• Trying to track and manage contracts throughout
  their life cycle can be a struggle. That's why
  you should consider adopting contract management
  software in 2021.

3
Contract Life Cycle Management

• All contracts go through the same steps
• Template Authoring This first step in the
  process is template authoring. This is when you
  design the templates for contracts that your
  company will use.
• Contract Creation The name of this step tells
  you everything about it. This step is when you
  build the contract that you'll be using from your
  template. This can be a time consuming process.

4
Contract Life Cycle Management

• Contract Review This is the step of the life
  cycle where the contracts you've created are
  reviewed. Any changes that need to be made will
  be corrected at this step.
• Contract Approval This is when both parties
  involved in the contract decide whether it works
  for them. Generally this is just signing off on
  the negotiated items and getting final
  signatures.

5
Contract Life Cycle Management

• Contract Execution This is the step of the
  contract life cycle where you implement the
  contract terms. The contract execution step is
  usually the longest step.
• Contract Performance This is the step of the
  contract life cycle where both parties review the
  performance of the contract. This is a very
  important step for figuring out what to do with
  future contracts.

6
Contract Life Cycle Management

• Contract Expiration The last step of the
  contract life cycle. This is the stage where you
  close out a contract and figure out if you want
  to renew it or end it.

7
Contract Management Software

• Simply put, contract management software is any
  platform that assists you in moving contracts
  through their life cycle.
• You can use it to manage the creation,
  negotiation, signature, renewal, and analysis of
  your company's contracts.
• Many contract management systems allow you to
  streamline contract administration tasks, reduce
  business overheads, and provide a singular,
  focused view of each contract.

8
Why Contract Management Software?

• There are plenty of reasons why your company
  might need contract management software. Here are
  a few for you to consider
• High Contract Volume Having more contracts
  increases the likelihood of them getting lost of
  mismanaged. Contract management software can help
  keep these organized and ensure that nothing gets
  lost.
• Wasted Time Contract management can be a long
  and arduous process. Contract management software
  can automate a lot of these so you can spend more
  time on what matters.

9
Why Contract Management Software?

• Slow Turnaround Something that often tends to
  cause problems in the contract management process
  is slow turnaround time due to signatures not
  coming in on time. With automated reminders in
  CMS you can avoid this happening.
• Security Concerns Contract management software
  comes with plenty of security features so you can
  store your contracts without having to worry
  about unauthorized third parties.

10
Why Contract Management Software?

• Inaccurate Reporting Contract management
  software automatically keeps track of all of the
  data, thus allowing you to build a complete audit
  trail and maintain compliance.

11
Effects of Poor Contract Management

• Poor contract management can cause huge problems
  for your business.
• Lost Revenue
• Fewer Conversions
• Increased Costs
• Human Error
• Lost Contracts
• Wasted Time

12
Benefits of a Contract Management Software

• Less Risk and More Control
• Automation
• Direct Content Access
• Ensured Continuity
• Improved Compliance

13
Features to expect
14
Conclusion

• Contract management software offers your company
  too many benefits to not adopt it.
• It can help cut down on a lot of the more
  annoying parts of the process and move your
  contracts through their life cycle faster.
• Remember the effects of poor contract management.
• The benefits we discussed can be taken into
  account while making a decision.
• Contract Management Software is the right
  investment for companies in this business climate.