Contracts: If Only They Were Fun
Great advancements have been made in contract management software. Ready to get control? Check out this new tool.
Oh, if only executing contracts brought about the same sense of fun and freedom you felt as a child riding on a merry-go-round at your favorite amusement park.
We all know successfully executed contracts make everyone’s life easier. Poorly executed contracts do the complete opposite, and perhaps most critically, they put your company (or client) at risk.
But the reality is the contract lifecycle — from discovery and creation, through negotiation and implementation — can be frustrating, time consuming, and cumbersome:
- Locate a past contract so you can update for the new contract
- Manage multiple versions during the review process
- Lose version control with multiple people making edits to multiple documents floating around in multiple emails
- Send the contract to your vendor for signature and then begin playing the waiting game
- Deal with a whole other layer of edits during the negotiation phase
- Receive the signed contract as a PDF via email and now you have to remember to share it with the right people on your team, as well as save to the right folder on your server
- Manually track performance milestones
- Start all over again 12 months from now
As you know, this is a very short list of all the steps and stages you have to navigate.
Enter technology to the proverbial rescue. Great advancements have been made in contract management software. It can now:
- Decrease time to closure
- Reduce contract review time by 80%
- Significantly lower admin costs
- Track performance milestones and automate renewals
