Why Contract Lifecycle Management should be a strategic imperative for your business
An estimated 80% of business-to-business transactions are underpinned by legally binding contracts and agreements. Though many of these contracts contain clauses, terms, conditions, commitments and milestones that need to be tracked and managed over the contract’s life to maximize business benefits and minimize associated costs or risks most organizations never actively manage their contracts during the agreement period. Contracts are archived away in departmental filing cabinets never to be reviewed again until a problem arises or the contract has already expired.
Contract Management software enables an organization to be proactive in the management of its
Contracts. An organization employing contract management software has a deeper and more
contextualized understanding of the risks$ obligations and benefits associated with each contract.