Contract Management Blog

5 Common Pitfalls in Contract Management

During the training camp of TEAM USA basketball for the 2012 Olympic Games, history was made in contract management. Point guard Deron Williams signed a $98 million contract to rejoin the Brooklyn Nets using not a fancy ink pen but his finger on a tablet.

Contract management software empowers businesses of any size to gain better insights into its contract lifecycle processes. The use of a refined tool simplifies contract administration, data entry, reporting, searching, tracking, document management, renewals, and much more.

Often we take cues from leaders in the private sector to establish benchmarks to which we measure against our ongoing business projects. However, in this article we will talk about how the Defense Contract Management Agency (DCMA) negotiations with the Bethesda, Maryland-based company, Lockheed Martin Corporation are an example of how contract management is a key component of business.

With industry leading contract management software from Contract Logix, it’s possible to significantly decrease the amount of time and resources required to manage and administer all of your contracts. Our software is available in three editions: Group, Professional and Enterprise.

Like any other technology, cloud-based applications and cloud computing are not panaceas that will solve all of your business problems. However, they do have the ability to dramatically increase the visibility of critical data across your enterprise, bringing departments closer together and creating better coordinated efforts.

When talking about the benefits from cloud computing, vendors often boast about cost saving, scalability, storage on demand and other features that great on a sales brochure. Still, there are several untold benefits that quickly become evident to companies that adopt cloud-based technologies such as Software-as-a-Service.

A recent survey from Edge Strategies in March 2012 states that over 3,000 IT decision makers or influencers in 13 countries are considering adopting paid cloud services within the next three years. It is understandable that your company may be considering making the leap to the Cloud because it needs to make your data available to your mobile workforce.