Benefits Implement Contract Lifecycle Management
- Avoid litigation from contract non-compliance: A major issue in many contracts is compliance. If contractual obligations are incomplete, the potential for litigation can increase.
- Save money: Penalties for non-compliance, missed opportunities from special terms and rebates, and payment errors incurring fees and penalties can be avoided with a good contract administration
- Deliver greater value to customers: Fulfilling and exceeding customer expectations through proper contract performance enhances an organization’s value and leads to future business.
- Reduce costs and time involved in contract administration: Streamlining processes in contract administration have a direct effect on labor time and costs.
- Prevent contract managers from functioning as contract administrators: Contract managers, dealing with details and delays, are best doing just that, while contract administrators focus on higher-level management activities, such as developing important relationships with suppliers and customers.