#contract management solution

Regardless of the type or size of business you run, one aspect that is central to your enterprise’s functioning is contracts. From creating a contract that includes defining obligations, drafts, and negotiations, to overseeing the all-around performance of a contract term, Contract Management is the cornerstone of every relationship that an enterprise has with its stakeholders like customers, suppliers, and partners.

Given its importance in everyday business operations, an efficient contract management workflow has long-term value for your enterprise. The onus of guiding the entire contract lifecycle is on good enterprise contract management software, which ultimately makes or breaks your organization.

Need for Enterprise Contract Management Software

The role of contract management has evolved in today’s digital world. The contract generation and management process are not just about filling documents anymore. It entails understanding all the aspects of the contract lifecycle to extract and make sense of the data. Recently, enterprise contract management software has evolved from just another record-keeping system to enterprise-grade solutions, creating robust contract management workflow, automating contract lifecycle end-to-end, and reducing manual effort and human errors. 

Whereas traditional contract management tools had no means to tackle the complex structure of a contract, a contract management system comes with a modular and flexible environment to streamline contracting.

A right contract management system comes with a wide range of features, including smart contract workflow templates, digital signature, centralized contract repository, and contextual search to maximize contract performance and mitigate risk.

Read More : https://www.vuram.com/blog/why-contract-management-software-is-crucial-for-your-business-growth/

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In the field of law, measuring student learning outcomes is crucial for effective legal education. A school that fails to measure student learning outcomes, by not conducting exams or tests, may fail to produce competent lawyers. In contrast, a school that effectively measures learning outcomes using the latest data about student performance can provide a better legal education, enabling teachers to identify areas where students need improvement and take corrective action. In the world of business, measuring performance is vital for effective management. However, one area of business that has traditionally been overlooked is contract management, which is critical for the success of any business. Poor contract management can lead to revenue leakage, missed opportunities, and uninformed decision-making. Companies that fail to measure their contract management process can lose up to 9% of their annual revenue. By collecting robust data and insights into contracts, companies can identify opportunities, prevent revenue leakage, and make informed decisions. Additionally, an efficient contract lifecycle management (CLM) solution can streamline the contracting process, providing easy access to contract data and improving visibility, transparency, automation, and accountability. CLM solutions can identify what is broken in the contracting process and provide specific data about the contract cycle to help organizations make better business decisions. Companies that use an advanced CLM solution like smartContract can prevent revenue leakage by identifying if a non-standard clause was used to specify product performance. With CLM technology, finding force majeure clauses in contracts and determining their legal validity in the context of a pandemic becomes an effortless task.