The 7 Stages of Contract Lifecycle Management Process
Contracts vary infinitely in types, complexity, length, and terms, right from basic contracts like employment agreements, vendor-supplier agreements, and licensing agreements to critical documents like partnership agreements, bill of sale, procurement contracts, and so on. Managing contracts is a humongous task for organizations. Imagine the efforts put in by a contract management executive, who has to coordinate with multiple departments, create and review contracts, identify opportunities to improve business processes, and provide guidance to teams for contract generation. Besides the biggest daily work responsibility is to - oversee the entire contract lifecycle. Note that contract lifecycle management is different from contract management, though both the terms sound the same.
Contract Management vs Contract Lifecycle Management
As the name suggests, contract management is about managing the A-Z things of contracts, right from drafting, and negotiating to renewals. Contract managers ensure all the contracts are up to date, the deadlines are not missed, and compliance and security policies are taken care of, among other tasks. Whereas contract lifecycle management is all about implementing technology to automate the entire contract lifecycle process. It aims to derive maximum efficiency from a strategic combination of people and technology. Contract lifecycle management eases the complex process, increases accuracy, and improves collaboration, not to mention cost savings.
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