Five Easy Steps To Successfully Manage the Contract Lifecycle
Contract lifecycle management is a complex process that can be difficult to manage, especially if the project you’re working on is large. Here are five easy steps you can take to ensure that your use of a contract lifecycle management software to manage this process is successful.
State your objectives
The first step in any successful contract lifecycle management system is to clearly and accurately state your objectives. Next, begin listing the benefits of a contract lifecycle management system or software application from the perspective of each stakeholder: customer-side users who will be using this technology daily; IT department stakeholders who will be responsible for deploying and maintaining the technology; internal project managers with oversight over different phases of project implementation; as well as any other relevant stakeholders who may have input into this decision.
Identify key stakeholders
Before you can begin to manage your contracts, you must identify the key stakeholders. This includes anyone who has a stake in your contract process. The roles and responsibilities of each stakeholder are critical to understanding how they interact with one another and with the contract lifecycle.
As the term “key stakeholders” implies, this list may be long; however, it’s important to understand that even if someone is not directly involved in executing every phase of your contract process (or even any phase), they still have an impact on its success as part of their overall role within your organization or company.
Define your processes
The next step is to define your processes. Each business is unique and has its way of working, so it’s important to understand how you want to use the software and how it will fit into your workflow.
How do you plan on using the software? What activities are involved in each step of your process? Are there multiple people involved in a single activity or just one person at a time?
Think about the types of processes that already exist within your organization, as well as those that may need developing.
Choose the right contract lifecycle management software
When choosing the right contract lifecycle management software, you should look for a system that meets all these requirements.
Easy to use: If the software is unnecessarily complicated or requires extensive training or expensive consulting services, it won’t be worth the investment. You want something simple so you can focus on your core business.
Flexibility: While one size doesn’t fit all in contract management solutions, flexibility is key when selecting the software for your company because every company has different needs and processes around contracts. Your chosen solution should allow for customization as needed based on your industry, role in the enterprise, and risk appetite. It should also allow for ongoing changes over time-based on new employee needs/roles or regulatory changes.
Implement and comply
Implementing a contract lifecycle management system is a great way to make sure your company is compliant with the law, manage risk, and optimize your processes. The first step in implementing a system like this is to make sure you have the right software in place. You’ll want to check out the features of different systems and make sure they meet your needs.
Making sure that you always have the most up-to-date contact information available to you will save you potentially hours and hundreds of thousands of dollars in the long run. You will want to ensure that everyone responsible for managing and executing your contracts has access to this information as well. This is ultimately where the true power of contract lifecycle management comes into play. More than just storing a copy of your contracts, it allows all involved parties to be on the same page as to what needs to be done at every step in the process, saving both time and money.
Once you’ve implemented contract lifecycle management software, you can use it to manage contracts, compliance, risk, and change. To maximize the success of your contract lifecycle management software, you will want to make sure that you are following the five steps that outlined above.