Why Integrating Contract Management Across the Enterprise is Beneficial
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Why Integrating Contract Management Across the Enterprise is Beneficial

CIO Review

Contract management enables tracking suppliers, evaluating their performance against contract-specific criteria, and analyzing supplier risk

FREMONT, CA: Every successful firm understands the importance of managing each contract efficiently. Enterprises invest substantial time and money and seek professional guidance to prepare contracts following business and regulatory requirements. Sadly, businesses worldwide continue to make critical errors throughout the contract's subsequent life cycle.

Contract mismanagement can have a range of negative consequences, from inconvenient to catastrophic. At the other end of the spectrum, oversights and errors can result in significant cost overruns, adverse effects on customer relationships, reputational harm, and even extended legal action. The possible dangers highlight the critical importance of implementing an integrated procedure to ensure contracts work as intended.

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While decisions made during the contract's life cycle are frequently made in good faith, they can end up costing millions of dollars. And the contract management process may fall short of achieving the best value for money for two primary reasons—possible damage to the relationship with the supplier and project schedule delay.

Whatever the source or effect, contract management stakeholders are under increasing pressure to enhance standards—and, as a result, business outcomes—with technology expected to play a growing role. For example, according to research conducted by World Commerce & Contracting, a not-for-profit organization dedicated to developing standards that promote successful contracts and commercial interactions, 84 percent of its members have faced pressure to simplify contracts. Almost two-thirds focus on enhanced communication, while 81 percent intend to implement contract automation.

To accomplish these objectives, some firms have introduced contract life cycle management (CLM), which is defined as a solution and process for managing the life cycle of contracts created and administered by the company or impacting the business. These include contracts with third parties and agreements that entail contractual duties. Providers of CLM solutions tailor their products to assist organizations in achieving various objectives and outcomes. These include risk management and mitigation, streamlining workflows, adhering to compliance requirements, emphasizing cybersecurity, and expediting contract review and execution processes.

This highlights the importance of contract management as a major area of focus for the entire organization. Along with documenting business interactions, teams utilize CLM to manage critical commitments such as deadlines, payment penalties, and more. If teams lack the tools necessary to monitor and handle legal duties, revenue may go through the cracks. Indeed, the average business loses 9 percent of its annual income due to ineffective contract administration techniques.

There are various hazards that firms may encounter if contract management is not prioritized. There may be little to no visibility into previously negotiated enterprise-wide contracts without it. Additionally, it might be challenging to keep track of any rebates and reductions and ensure that negotiated prices are adhered to. These variables have a direct financial influence on the firm and should be monitored in real-time to avoid unnecessary losses.

Covid-19 expedited digital transition, requiring businesses to react quickly, and there is little sign of reverting to pre-pandemic business practices. To adapt appropriately, company decision-makers must adopt an agile and adaptable IT approach that will scale with the business as it grows and evolves over the next years.

As a business evolves due to growth, new business initiatives, new competitive conditions, or new legislation, it's technological systems and contracting process must adapt to the organization's shifting needs. Rather than becoming imprisoned by outdated technology and processes, contracting teams must continuously scale in lockstep with their business's growth. That is why corporations have begun to view CLM as enterprise technology that ties legal to the rest of the enterprise.

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