5 things you need to know about Contract Management

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The five most remarkable matters

In the last couple of years, our specialists have spoken to many people. All of them had some issues and problems. We compiled a top 5 with a conspicuously common theme. The order these are listed is random. Do you recognize them?

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Contract management? Never heard of it?

Did you know that at least 80% of all organizations and businesses in the western civilization have minimal knowledge on contract management? They usually keep track of a couple important and complex contracts, but ultimately miss out on the fundamental principle: the simplicity of contract management.

How do you manage a notice period?

Decision-makers, supporters, and managers want to timely know whether they have to terminate a contract or strike up a negotiation for a renewed period. These decisions are widely known as the management of your notice periods. Experience teaches us this often goes terribly wrong simply by the wrong choice of tools (i.e. Excel, Outlook). These programs regularly require a massive time investment in combination with an incredibly low yield. Besides,…you won’t get to manage the content of a contract.

The notorious time-wasting failure in Contract Management

We often hear our customers say it, the easiest way to waste your time outnumbers the others by far. Of course, this failure is…. Managing contracts in a spreadsheet (also check: contracts and excel). And why? Because you are not addressing contract management, but instead wasting your time on managing the (Excel) spreadsheet. It is annoying, and it takes up a lot of your day. Just don’t do it!

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Managing contracts without Contract Management Software, Impossible!

The indisputable proof that contract management is impossible without a contract management solution is everywhere. It might be the reason why you are reading this, or it could take some time before you completely realize it; Anyhow, you can always ask questions. There will be a future blog post on this subject.

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Implementation trajectory: faster than a cup of coffee.

Implementing a Contract Management Solution for a medium-sized enterprise should not take longer than drinking a cup of coffee. If it does, your software is way too complex!

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