Best Practices in Contract Management (and in general)
We can all learn lessons from others. In business, there are thousands of books sold by corporate leaders to Olympic athletes explaining how to be better leaders and executives, how to communicate more effectively, and how to create more custom-centric work environments. While many of these books can be inspirational and help us with these business issues, another way to learn is by adopting best practices. There are many best practices in contract negotiation.
The profitability and success of your organization depends in large part on how well you negotiate, fulfill, manage, evaluate and renegotiate agreements with clients and business partners. Customer satisfaction and the working relationship your business has with other business are the result in no small part to your management of contracts.
Related Article: Contract Management – Preparing for Contract Negotiation
ConvergePoint Contract Management Software can help you implement these best practices and make sure that your organization understands the benefits of an efficient contract management system. Here are just a few best practices for contract management (and for business and live in general):
Be Organized. Contract Management Software has the ability to create a single repository for the entire work product for a contract or a client: all of the contracts, draft proposals, supporting reports, amendments, and signatures are stored together and available for review on one centralized portal.
Be Prepared. If you are organized, it’s easy to prepare, as you have all of the relevant information and resources available to you to work through the contract process on our customized portal. For example, our incoming request management system lets you know which contracts take priority and lets you approve contracts by the contract dollar amount. Also the automatic renewal management can send reminders to your team so that unused contracts can be renegotiated and are not auto-renewed.
Double-Check Your Information. Our solution lets you set up appropriate reviews and approvals so that the correct people are participating at the right time.
Be On Time. If nothing else, make sure you deliver on time and meet all of your contract deadlines! An easy way to do this is with the Obligation Management module which allows you to better manage your contractual obligations and key dates by setting up auto-reminders and audit trails.
See How Things are going. A contract is an agreement to perform or provide goods or services for an agreed upon dollar amount or other valuable consideration. Contract Management Software lets you access reports and view real time dashboards to immediately see status updates, metadata, and workflow history of the contract project, as well as real-time ad hoc reports. In addition, our extensive search capabilities help you retrieve pertinent information with a sophisticated search engine.
Simplify Your Tools. ConvergePoint’s Contract Management Software streamlines the entire contract process and integrates with tools you’re currently using and with which you are already proficient. Documents remain in the same format they were created by our use of Microsoft SharePoint.
Speaking of best practices, ConvergePoint’s SharePoint Templates use industry best practices and advanced functionality to manage the most commonly sought after business processes for automation.