Contract management, also known as contract administration, is the group of activities involved in the handling of written agreements (contracts), especially those concerning business partnerships, employment, and sales. Contract management activities include the negotiation, creation, execution, support, and analysis of contracts as well as the monitoring of contract relationships, addressing issues, making contract modifications, and working with the contract’s actors to achieve stated objectives.
Contract management should be optimised to improve an organisation’s operational and financial performance while also minimising risk. As contract administration is a resource-intensive business practice involving multiple parties and many time-consuming steps, an effective contract management solution is a necessity.
Automate processes with a contract management solution
In the past, contracts were handled quite literally by contract managers, as printed documents were collected in folders and filed in storage cabinets. Luckily, contract management software has automated dozens of processes and freed up countless man-hours.
An effective contract management solution optimises contract lifecycle management by:
- streamlining every step of the contract management process
- automating predictable steps and
- providing the information and tools personnel need to drive work forward.
A robust enterprise process management suite with a contract management solution can:
- securely capture and store contracts and supporting data and documents
- provide contract personnel a complete 360-degree view of related information and correspondence
- route contracts for review, approval, and execution
- capture electronic signatures
- notify the appropriate parties of expirations and auto-renewals
All handled in a single centralised location.
To learn more about best practices and the benefits of a contract management solution, click here.