Contract Logix Publishes “A CFO’s Guide to Successful Contract Lifecycle Management”
New Publication Details Contract Management Best Practices for Chief Financial Officers and Other Finance Professionals
Lowell, MA – Contract Logix – a long-time developer of contract lifecycle management (CLM) software solutions – announced today the release of a publication titled, “A CFO’s Guide to Successful Contract Lifecycle Management.” The latest in a long series of educational publications, this document details ten best practices for authoring, approving, executing, and managing contracts, while maintaining compliance with all contract terms and remaining audit-ready on an ongoing basis.
Chief Financial Officers and other finance professionals understand the financial and legal risk associated with contracts. And since the finance department is typically under pressure to cut costs and boost revenue, CFOs are now expanding their definition of risk mitigation to include proactive contract management through proper negotiation, centralized drafting, and milestone monitoring to avoid future financial and other penalties.
According to Gartner, “The risks associated with poor contract management include overlooked penalties, lost revenue through ineffectual terms, a damaged brand due to poorly constructed or missed terms, lost savings and opportunities through poor administration and lost contracts, unexpected renewals and expirations, additional costs to remedy subcontract/order of nonstandard terms and conditions, and hidden clauses that leave the company open to liabilities and other disadvantages.”*
“For more than a decade we’ve worked with financial professionals, and the purchasing and procurement roles who often work with them, to manage their risk in contracting. As a result, we’ve identified many best practices to avoid the negative consequences associated with non-compliance with key terms and regulations, as well as poor contract management in general,” says Contract Logix CEO Rick Ralston. “This publication gives financial professionals practical advice for applying technology to implement these best practices.”
Best practices detailed in the new publication include leveraging technology for securing sensitive financial data, standardizing clauses and templates, and automating approval and signature processes.
Contract Logix recently launched Contract Logix Express, the easiest-to-learn and easiest-to-implement contract management system available, for identifying and managing complex legal and financial risk. Express is ideal for CFOs looking to reduce costs, boost efficiency in their processes, and help ensure the commercial success of their organization’s agreements.
Click here to download “A CFO’s Guide to Successful Contract Lifecycle Management.”
* GARTNER, HYPE CYCLE FOR PROCUREMENT AND SOURCING SOLUTIONS, 2018, KAITLYNN N. SOMMERS, MAGNUS BERGFORS, DESERE EDWARDS, PATRICK M CONNAUGHTON, 18 JULY 2018