Inefficient workflows and processes for managing contracts can lead to delays, missed deadlines, and increased risk.

Poor contract management workflow and process Inefficient contract creation and negotiation processesĬreating and negotiating contracts can be a time-consuming and inefficient process, especially when done manually.īest-in-class solutions for this challenge include contract authoring software that streamlines the contract creation process and automates workflows – which can easily help you create contracts using pre-approved templates and standardized language, and automate workflows to ensure that contracts are reviewed and approved in a timely manner.Ī study by Aberdeen Group found that companies that use contract authoring software can reduce contract cycle times by 50% and increase contract accuracy by 90%. With CLM software, you and your team can easily access all contract data, including key terms, obligations, and milestones, and they can quickly generate reports to help them make informed decisions.Īccording to a report by the International Association for Contract and Commercial Management (IACCM), companies implementing CLM software can reduce contract cycle times by 50% and increase compliance by 80%. This can result in missed opportunities to save money, increase revenue, or mitigate risk.īest-in-class solutions for this challenge include contract lifecycle management (CLM) software that centralizes all contracts in a single repository and provides advanced search and reporting capabilities. One of the biggest challenges with regard to contract management is the lack of visibility into contract terms and obligations. Lack of visibility into contract terms and obligations

In this post, we’ll explore the top five pain points that businesses like yours face with regard to contract management, and we’ll provide some best-in-class solutions to help address these challenges. Effective contract management can help you mitigate risk, increase revenue, and reduce costs, but it can also be a complex and time-consuming process. Contract Trends in 2023 By Parker Sproul BlogĬontract management is a critical aspect of any organization’s operations, and it’s especially important for executives who are responsible for managing the financial health of their organizations.

Ariba platform for contract management