Transforming Businesses with Enterprise Contract Management Solutions
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Transforming Businesses with Enterprise Contract Management Solutions

By CIOReview | Thursday, January 28, 2021

Switching to an enterprise contract management solution can manage all the concerns and assist an organization in contracting.

FREMONT, CA: For most enterprises, contracts aren’t a problem until something goes wrong. Previously, contracts sat dormant, gathered in filing cabinets or as a bundle of PDFs on a hard drive. The lack of oversight and transparency in legacy contract management is rife with risk, including hefty financial penalties like late fees, fines, payments for dormant services, missed opportunities, and compliance blind spots. The latest contract lifecycle management (CLM) software transforms this by consolidating and streamlining contract management, even widening access and control beyond legal to the entire organization, from sales and marketing to HR and procurement. Read on to know more.

Enterprise contract management makes sense for firms already using a basic CLM solution for some of their contract management operations but requires a more robust and comprehensive remedy. Enterprise contract management generates a centralized contract management hub that enables access, collaboration, and oversight throughout an enterprise. This means all decision-makers, stakeholders, and managers can track, review, edit, and handle contracts throughout their lifecycle. Organizations that silo their contact management face bottlenecks that affect workflows and harm collaboration and productivity.

Inclusive enterprise contract management is ideal for firms that routinely need rounds of stakeholder review and contract sign-off. From innovative search capabilities to a centralized, seamlessly-accessible contract hub, enterprise contract management allows companies to work collaboratively, flagging contract terms, obligations, and risky clauses.  Enterprise management offers tools like audit reminders, milestone alerts, and other automation that keep stakeholders in the loop on a contract’s status and needs. Additionally, firms can create a compliance process template with instructions and additional documentation within the contract hub so that compliance data is centralized and accessible by users easily.

Without comprehensive management of procurement contracts and other agreements, firms can miss deadlines and opportunities. Many enterprises end up paying late fees or paying for an outdated or unwanted service or product. Enterprise software management tools allow more effective record keeping and milestone tracking so that a firm has complete knowledge of what is being paid to whom and when.