10 Best Practices for Contract Lifecycle Management
By David Parks
Vice President of Marketing | Contract Logix
Contracts are the backbone of every organization and managing them efficiently and effectively is critical to the business’ success. This article by David Parks discusses the importance of how these key best practices can help any organization serious about digital contract transformation become more efficient, productive and help mitigate contract risk.
Choose a solution that integrates all elements of contract management to streamline processes. There are a number of different tools currently available on the market that allow organizations to track, manage and store agreements. While there’s nothing wrong with the software itself, the fact that these systems don’t “talk” to each other increases inefficiencies. A single system specifically built for contract management is what streamlines the process. When you can create and execute contracts, track progress, search and report on data, and automate workflows from a single piece of software, contract management becomes more effective and efficient. It’s also important for your CLM software to integrate with other business applications like a CRM or ERP using an API.