Managing contracts is an on-going process that requires intensive monitoring and control. The contract management challenges faced by contract managers today greatly differ from the issues of the past. There are a plethora of contract lifecycle management challenges, which requires the agility and decision-making prowess of the contract moderators. A previously cordial client might turn rogue during the lifecycle, where the stakeholders must decide the course of action. From managing minor disputes to accommodating unprecedented occurrences, it is imperative to create standard protocols to combat every challenge. Robust contract management ensures that the contractual relationships are sustained while maintaining the ROI. […]Read more »
In today’s era, it is difficult to manage contracts and contract-related activities manually. Technology-aided software has accelerated the process of managing software and has reduced the operational costs involved in managing hundreds of contacts efficiently. Although there are several software available in the market, the features often differ hence it is essential to choose a software that fits your industry and business. We’ve compiled a list of crucial features that a robust contract lifecycle management software must possess. Check whether the software of your choice fulfills the criteria.
One of the major challenges that companies faced before the […]Read more »
One of the key activities during the lifecycle of a contract is the process of reviewing contracts. Every business must review its contracts regularly to ensure that the terms and conditions are met and there aren’t any code violations. Since contracts are legally binding and have financial implications, it is advisable to review contracts and subsidiary documents during regular intervals.
Contract management software for sales is comprehensively equipped with features that make contract reviewing simple and efficient. A contract review encompasses verifying the terms mentioned in the contract and checking its legal validity. Further, it also involves staying ahead of crucial […]Read more »
Managing contracts is easier said than done. Contract managers typically used spreadsheets to manage and monitor contracts, which did not fit the evolving contract management model. Today enterprise contract management software solutions are highly demanded by businesses of all scales for their simplicity and efficiency.
DocuCollab is one of the leading contract management software that simplifies the process of creating, managing, monitoring and storing contracts effectively. Here are a few frequently asked questions about the software and how it could improve your contractual productivity.
Is contract management software required for even small businesses?
Yes. DocuCollab is one of the best contract […]Read more »
Spreadsheet Vs Contract Management Software; Learn Why the CLM Software Scores Better than Spreadsheets.
We all love spreadsheets, don’t we? They are the most basic and the easiest way to create a database. From recording employee details to creating sophisticated, formula-based data, spreadsheets are the most popular choice for organizations of varied verticals. However, how relevant and useful is a spreadsheet in 2021? Is recording information in a spreadsheet better than using proprietary technology? Even today, several organizations use the spreadsheet to record crucial information, although they are creeping towards their obsolescence. Especially, when it comes to contracts, using a spreadsheet tends to invite adverse consequences due to its archaic nature and the lack […]Read more »
We’ve stepped into another decade, where technology has occupied every aspect of our living. It has become more important than ever to integrate businesses processes with the available technology to enhance productivity and increase yield. When it comes to contract management, we saw a phenomenal change in the last decade, where robust contract lifecycle management tools have redefined the domain activities. Many businesses of varying scales began to evaluate the pros and cons of such systems. If you’re a business owner looking for an agile software in revamping your contract-related activities, this article is for you. Learn why it is […]Read more »
During a contract’s lifecycle, changes or amendments are an imminent part, which requires proper management and monitoring. The reasons for the changes are wide and varied. A few notable causes that call for changes in contracts include price fluctuations, changes in demand patterns and unforeseen circumstances that require mandatory amendments. Whatever the changes might be, the contract manager must record the developments to ensure seamless business functioning. In this digital era, it is simpler than ever to accommodate changes. Contract management software helps to track those changes efficiently and help the team stay abreast of the contract developments.
Click here to […]Read more »
We live in a digital era, where every activity is automated or semi-automated, thereby increasing the productivity of the general workforce. In the past few decades, we saw phenomenal growth in the industrial and business sector, where software has simplified the activities to a great extent. When it comes to contracts, the advent of the robust contract management software system has redefined how the contracts are managed, monitored, and executed. One of the outstanding features that are responsible for the seamless functioning of contract management software is the facility to incorporate the eSignature feature.
But, What is […]Read more »
One of the crucial activities in an organization is the procurement department function which must be conducted effectively and efficiently. Companies are beginning to understand the potential that their supply chains and procurement divisions contribute to their profitability.
What is Procurement?
All aspects of a company’s purchasing process are referred to as procurement. The procurement department serves its customers internally by negotiating costs with the vendors, preparing the contracts, and issuing vendor’s purchase orders. The procurement department functions at large companies for maintaining the financial health of the company. Depending on the product or service, we carry over the procurement department functions […]Read more »
The state of modern business is quickly evolving. To flourish, it is basic to make a move and grasp new digital tools that modernize woefully old procedures, with the end goal to drive sustainable growth and success.
However numerous companies are still stuck utilizing obsolete procedures and tools. Does emailing a document back and forth and uploading to shared drives sound familiar?
Maybe slightly reminiscent of certain existing contract management processes? What about walking a contract to an office, or even faxing a signature to a client? Still using two, three or more tools throughout the lifecycle […]Read more »