Contract Management Blog

To get a better hold on the hundreds, thousands, or even tens of thousands of contracts that your enterprise handles, your team may have attempted a contract management solution in the past. Despite a significant investment, the contract managers in your organization ended up not adopting the software for a wide variety of reasons, including a steep learning curve, lack of relevance to current processes, and confusing terminology. Let’s review five strategies to drive user adoption of CLM software across your enterprise.

Once a team of contract managers goes over the list of benefits of adopting a CLM software, they generally arrive to the conclusion that it’s possible to significantly decrease the amount of time and resources needed to manage all contract processes across an enterprise. To help you jumpstart the review process, let’s review six key steps in defining requirements for your CLM software purchase.

In 2014, President Obama signed a Presidential Memorandum to update regulations setting standards on minimum wage and overtime. Two years later, the Fair Labor Standards Act (FLSA) is ready to become effective on December 1, 2016, setting the minimum pay for salaried federal employees at $47,476, more than doubling the current threshold of $23,600. Millions of Americans, including owners and managers of companies and nonprofits, will be affected by these updated policies. Let’s review the three key lessons from the effects of the FLSA starting December 2016.

Given the wealth of available data from an enterprise’s contract management processes, it’s no surprise that many key performance indicators are available to evaluate the performance of an enterprise across several industries. Here’s a list of five additional KPIs to supplement this list of 6 KPIs for evaluating your contract management processes.

In the field of contract management, working with dates and numbers provides contract managers an advantage because that data allows them to track processes and make adjustments based on that data. However, it’s just not a matter of picking every possible statistic. Let’s review six key performance indicators that will allow your enterprise to establish benchmarks for objective performance of contract management processes.

This fine for the illegal practice of secretly opening unauthorized accounts is on top of the millions that Wells Fargo must repay to fraud victims (at least $2.5 million) and fines from other government agencies. Let’s review four lessons in contract management from the Wells Fargo Scandal.

Just as the role of the senior level contract manager is changing, the role of junior and mid-level contract managers is changing as well. Finding, developing, and retaining high-quality contract managers is a challenge for all enterprises. One way to facilitate this process is to leverage CLM software that develops the best traits of contract managers as defined by most clients. Let’s review seven ways CLM software contributes to bring out the best contract management traits.

One of the key ways to improve client management and maintain a sustainable operation is to have well-established processes to wrap up a contract lifecycle. Let’s review seven best practices to plan, implement, and learn from completed projects.