The aim of any written contract is simply to identify a clear understanding between two or more parties as to what each will do, with a fair and presumed balance of risk and opportunity. Contract management’s goal is also to ensure the parties comply with the contract. Beyond that, things are not as simple. If business objectives are to be met in a highly competitive environment, companies must focus on the quantitative, financial benefits of contract management.
Fortunately, there’s a tool available to help companies of all types maintain that focus: contract lifecycle management (CLM). A contract management system:
Increases financial value
Makes budget decisions more meaningful
Controls risk in the contract portfolio
If you’re wondering if a contract management system is right for your company, the answer is probably yes. A CLM system offers real benefits to a broad spectrum of businesses. Here are just a few industries that benefit from the efficiency of CLM software.
From HIPAA compliance to price/cost tracking and employee policies, a CLM system helps you deal with evolving and time-consuming compliance requirements. It streamlines the contract lifecycle process by helping you manage various physician and service agreements, as well as adhere to state and federal regulatory compliance standards.
Media companies deal with a seemingly endless number of contracts – one film project alone can involve hundreds of them. A CLM system provides an automated solution to help you track and meet your contractual rights and obligations.
Learning institutions face unique contract management challenges as they work to maintain productive business relationships with vendors, suppliers, and providers of services. Public colleges and universities also must find ways to promote openness, transparency, and accountability. CLM simplifies the process of requisition, approvals, compliance monitoring, and more, including Freedom of Information Act (FOIA) compliance.
Contract management for the publishing world allows you to create contracts with authors, musicians, publishes, illustrators, and other intellectual property rights holders. It can also help you manage complex royalty models and makes efficient management of permissions possible.
Contract management for retail doesn’t have to be complex. Every department – accounting, HR, legal, shipping – can use a CLM system to improve business processes. And a more efficient process means a better bottom line.
For more information on how our secure cloud-based CLM solution can work for your business, contact us today.