This is the final post in our series covering the essentials of contract organization: why it matters, best practices, key benefits, and what can go wrong.
Read Part One, Part Two, and Part Three in our series.
What can go wrong?
The scariest part of contract management are the mistakes most organizations don’t recognize. Whether it’s revenue left on the table from missed renewals or never realizing the opportunity to consolidate spend with big vendors, contract management is the final frontier of untapped revenue. Letting this slip away is a massive strategic error.
Compliance is the other elephant in the room. Without a real-time picture of all contracts company wide, it’s impossible to assure the c-suite compliance is 100% up-to-date. Additionally, the time it takes to find contracts when researching a compliance issue–or even where to search for them–is a headwind to agility.
Most companies have legacy compliance firewalls in place, but consider the manpower and resources it takes to keep these up. The opportunity cost is high but the risk of noncompliance is too high to consider cutting this back without something better in place. Thankfully, a contract management platform can fill this gap with the automation, search functionality, and notification features described earlier.
Larry Ellison may have said it best when he quipped, “Contract management is where finance was 30 years ago.” The platforms many companies have been waiting for are here now. To capture missed revenue, eliminate manual drag on compliance, and never lose a contract again, consider pursuing a solution that fits your company’s needs.
In an age where there is growing executive focus on value-add, the key areas leading to contract management success become agility, unlocking revenue, and having precise analytics.
Organizing your contracts efficiently and effectively is at the core of your contract management success, and your ability to meet demands, influencing your ability to bring business-wide value and become that strategic contributor and revenue leader.
The quickest way to your goals? A powerful contract lifecycle management platform.
Want to talk about contract management?
Concord’s mission is to help companies achieve scalability and efficiency by automating their most central process, contracts. The cloud-based solution enables over 300,000 users around the globe to create, collaborate, sign, store, and manage their agreements all in one place. Founded in 2014 and headquartered in San Francisco, Concord is built by business for business.