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.
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:
A robust enterprise process management suite with a contract management solution can:
All handled in a single centralised location.
To learn more about best practices and the benefits of a contract management solution, click here.