Contract Management in 2021

1. Contract Management in 2021 How it benefits businesses

2. What is Contract Management? • Contract management is the process of tracking and managing contracts throughout their life spans. • It includes all of the activities involved in this including negotiation, administration, monitoring, and compliance. • Trying to track and manage contracts throughout their life cycle can be a struggle. That's why you should consider adopting contract management software in 2021.

3. Contract Life Cycle Management • All contracts go through the same steps: • Template Authoring: This first step in the process is template authoring. This is when you design the templates for contracts that your company will use. • Contract Creation: The name of this step tells you everything about it. This step is when you build the contract that you'll be using from your template. This can be a time consuming process.

4. Contract Life Cycle Management • Contract Review: This is the step of the life cycle where the contracts you've created are reviewed. Any changes that need to be made will be corrected at this step. • Contract Approval: This is when both parties involved in the contract decide whether it works for them. Generally this is just signing off on the negotiated items and getting final signatures.

5. Contract Life Cycle Management • Contract Execution: This is the step of the contract life cycle where you implement the contract terms. The contract execution step is usually the longest step. • Contract Performance: This is the step of the contract life cycle where both parties review the performance of the contract. This is a very important step for figuring out what to do with future contracts.

6. Contract Life Cycle Management • Contract Expiration: The last step of the contract life cycle. This is the stage where you close out a contract and figure out if you want to renew it or end it.

7. Contract Management Software • Simply put, contract management software is any platform that assists you in moving contracts through their life cycle. • You can use it to manage the creation, negotiation, signature, renewal, and analysis of your company's contracts. • Many contract management systems allow you to streamline contract administration tasks, reduce business overheads, and provide a singular, focused view of each contract.

8. Why Contract Management Software? • There are plenty of reasons why your company might need contract management software. Here are a few for you to consider: • High Contract Volume: Having more contracts increases the likelihood of them getting lost of mismanaged. Contract management software can help keep these organized and ensure that nothing gets lost. • Wasted Time: Contract management can be a long and arduous process. Contract management software can automate a lot of these so you can spend more time on what matters.

9. Why Contract Management Software? • Slow Turnaround: Something that often tends to cause problems in the contract management process is slow turnaround time due to signatures not coming in on time. With automated reminders in CMS you can avoid this happening. • Security Concerns: Contract management software comes with plenty of security features so you can store your contracts without having to worry about unauthorized third parties.

10. Why Contract Management Software? • Inaccurate Reporting: Contract management software automatically keeps track of all of the data, thus allowing you to build a complete audit trail and maintain compliance.

11. Effects of Poor Contract Management • Poor contract management can cause huge problems for your business. • Lost Revenue • Fewer Conversions • Increased Costs • Human Error • Lost Contracts • Wasted Time

12. Benefits of a Contract Management Software • Less Risk and More Control • Automation • Direct Content Access • Ensured Continuity • Improved Compliance

13. Features to expect

14. Conclusion • Contract management software offers your company too many benefits to not adopt it. • It can help cut down on a lot of the more annoying parts of the process and move your contracts through their life cycle faster. • Remember the effects of poor contract management. • The benefits we discussed can be taken into account while making a decision. • Contract Management Software is the right investment for companies in this business climate.