5 Ways to Unlock the Value in your Contract Management System
Customers with contract management systems (CMS) are leaving untapped savings on the table. Contract management technology like Total Contract Manager provides a wealth of value depending on where you are on your contract management transformation. Forrester provides some best practices on how your organization can drive more value from a contract management solution.
Consider these steps to better contract lifecycle management:
- Know where you contracts are stored. Contract repositories provide centralized storage of documents with the ability to tag, categorize, and structure metadata about your contracts.
- Reporting and analysis extend the repository by answering key questions around your contract portfolio.
- Authoring is no longer a chore as a CMS can automate the building of contracts through Smart Templates; this streamlines the contract creation process and reduces risk.
- Regardless of the contract type, the order-to-cash and source-to-settle processes can easily be tied to your contract to ensure compliance with your upstream and downstream process.
- Finally, refine, optimize and improve! Understanding your process bottlenecks or even where your most negotiated clauses are can improve your throughput.
Don’t let contract management be a set it and forget it mentality. Collaborate with stakeholders to understand what they care about from a contract management perspective. Ask yourself, can you go further to improve your current process? Have you realized the full benefit of your CMS system?
For more insights on contract management implementation and adoption, download the Forrester Best Practices: Uncover The Full Potential Of Your CLM Implementation Report.