What are your goals for 2018—increase efficiency? Improve compliance? Starting 2018 Smarter means making the decisions that help you work smarter, not harder. To do that we’ve created this convenient checklist.
A new year means new opportunities to increase revenue and efficiency; to refocus energies on the the things that will drive growth and value. When it comes to contract management, a sobering look at previous processes can provide key insights into to areas ripe for improvement. This contract success checklist makes that easy, and helps you start 2018 strong.
1) Digitizing. If contracts are still stored away in a filing cabinet, time and revenue are being lost. Moving contracts to the Cloud is the smartest, fastest way to get business done.
2) Organize Contracts. Contracts are most effective when they’re easy to find. Ever dug through a system wondering if a document was filed under the seller or the buyer? With a contract lifecycle management platform, these are worries of the past.
3) Tagging. Part of organizing contracts should include tagging. A good contract management platform should have a tagging system in place to properly organize contracts into folders and make it easier to find the right document through multiple relevant tags. Tags are the cornerstone of an efficient document structure.
4) Roles and Permissions. Compliance can be better managed through the creation of user roles and permissions. Certain teams and stakeholders need more visibility, and creating those permissions within a system gives an organization greater control over document access.
5) Clarity. Muddled language and confusing clauses slow down the time to signature for a contract. Clarity can be improved by tools such as drafting guidelines, templates, and the ability for Legal to have visibility into every contract created.
6) Version Control. Between edits, negotiations, and copies being emailed back and forth, it’s inevitable that there will be many versions of a single contract. Finding the most recent approved version can be difficult to keep up with if there’s no contract management platform in place to keep all documents, redlining, and comments in one place.
7) Tracking Changes. Once the versions are under control, changes still need to be meticulously recorded. Having tracked changes built into a contract management platform makes edits much easier to keep track of and ensures visibility into every contract.
8) Approval Workflows. It’s crucial to make sure the correct approvals are in place for each contract. Setting up approval workflows ensures multiple sets of eyes on every contract and that the right people are approving at the right times, meaning no last-minute issues arise and a contract can move to signature faster.
9) Strategy. Keeping up with modern business means driving strategic revenue and growth. With contracts as one of the most successful resources for a business, it’s imperative that they are monitored, managed, and brought to their full revenue potential. A contract management platform enhances compliance, efficiency, increases reporting capabilities and visibility, adding more overall value.
10) Team Positioning. All teams should be networking together to make sure they have open communication lines if issues arise. Legal teams in particular should be a fully utilized resource for all teams, invested in both technological and operational aspects of a business to make sure everyone has what they need.
Contract management is at the core of a successful business. To truly uncap growth and have an impact on an industry, effectively managing contracts is the first step. These steps will set you up for a year of contract success.
Contract management is at the core of a successful business. To truly uncap growth and have an impact on an industry, effectively managing contracts is the first step. Allocating time, attention, and resources to manage competing demands and daily requirements of fast-paced business, while also successfully managing tomorrow’s possibilities to drive value and the bottom line is no easy task. Understanding how you get there already puts you ahead of the rest.
The Essential Guide to Starting 2018 Smarter examines ways you can optimize your department’s and organization’s contract management processes, enabling you to work smarter, not harder, while becoming more strategic.
Download your free copy of The Essential Guide to Starting 2018 Smarter below.