Contract Management Blog

The benefits from switching from paper-based contract management systems to digital ones are undisputable. However, this doesn’t mean that your enterprise should jump into the first contract management software that it discovers. While there are several criteria to consider for evaluating vendors, deployment should be among the top two.

In a recent article for the IACCM Contracting Excellence Magazine, Rebecca Thorkildsen, Director of Legal Solutions at Pangea3 points out how more and more contract departments are seeking full contract lifecycle management solutions.

Reaching an all time high market value of over $1,200 on November 2013, bitcoin became a household name fueling the pipe dreams of individual “miners” and large corporations alike. Given that the amount of daily transactions in bitcoin was over 66,000 in April 2014, the IRS had to issue guidelines on how to treat transactions in the virtual currency for tax purposes.

In past articles, we have discussed how to implement and control government contracts and avoid the worst mistakes in government contracting. However, managing contracts with Fortune 500 companies can be just as tricky and sometimes even more.

It is not only the standard in spreadsheet software, but it is also synonymous with efficient business analysis. From bankers to healthcare consultants to desperate bachelors, the user base of Excel is ever growing. However, this amazing business tool falls short in the realm of contract management.

Poor contract management leads to loss of revenue. Some have estimated this loss to be anywhere from 5% to 9%.

How many emails do you receive per day?

If it’s too many, your team members may become overwhelmed.

Contract management is an important business process, yet it’s full of sacred-cow ideas and grandiose illusions. It’s time to bring down the reality distortion involving certain practices of contract management.