Do you
know why your Contract Management System is not effective, maybe you don’t have
a coordinated Contracting Strategy?

Listed
are the top 10 ways Contract Management can fall short and how to start putting
Strategies and process in place:
1. Lack of Executive buy-in for the
critical importance of Contract Management
a. Counter Action: Executives, give
attention to Strategic Contracting
System that works.
2. Missed Deadlines, Payments,
Renewals and Obligations
a. Counter Action: Fulfill fiduciary
responsibilities to countermeasures
fines and possible terminations and lawsuits, pay attention to the
administrative areas.
3. Approval Process Weakness,
Bottlenecks, and Rogue Contracts
a. Counter Action: Ensure approval
process are effective and efficient.
4. Reliance on Paper-Based Systems
or Simplified Document Repositories
a. Counter Action: Ensure
documentation is organize, control and visible is part of effective Contract
Strategies
5. No Contract Analytics or insight
for Empowered Decision Making
a. Counter Action: Insight on
Contract Performance will ensure your Contract Strategy is working
6. Duplication of Effort
a. Counter Action: Duplication of
Effort should not be used incorrectly
7. Keeping a Contract Management
System Isolated from Other Enterprise Applications
a. Counter Action: Integrating
contract management system with other enterprise applications will provide
significant value add
8. Poor Compliance Procedures
a. Counter Action: Ensure that
contract terms are fulfilled and that transactions are executed to the letter
is a key component of mitigating contract risk
9. Inability to Automatically
Execute Pricing Incentives with Accuracy
a. Counter Action: Employ complex
promotional pricing in contracts to drive profitability and market share
10. Paper and Ink Signatures
a. Incorporate e-signature,
e-signature create greater visibility, data access and stronger client
relationships, all which quickly add up to increased profitability.
Thanks for your information have a nice day
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