September 5 by Lisa Jacobsen
Most people consider contract management as something that only pertains to legal or finance. But if you’re responsible for closing deals, you’re more involved with contracts than you realize. Because contracts are binding and govern over 80% of transactions and value, every business should care about what’s inside.
Contracts are the lifeblood of companies. They outline the rights and obligations of the company and its customers, vendors, and partners.
The Impact of Contracts on Your Business
Contracts are the roadmap to your business deals and determine revenue and costs. Contracts define several critical points in the relationship: what a customer pays you, how long they’ll pay you, if you are responsible for replacing broken products, when the customer is free to leave, and much more. Any mistakes in this process can increase your liability and have a significant impact on your bottom line. Contracts also simplify business and the benefits of greater contract visibility include more accurate revenue forecasting, trend analysis to improve selling and negotiation, improved risk management, and better coordination of sales and legal teams.
So, how do organizations navigate the contract lifecycle?
Contract management is more than just taking care of some documents. To make the most of your contracts, you need to manage the entire contract lifecycle from end to end, which includes everything from managing executed contracts in a repository to requests, authoring, negotiation, and execution. Effective contract management requires an understanding of every step in the contracting process, including any process that contributes to, creates, or uses contract data.
Easing the Pain of Contract Management
The five most common contract pain points are:
• Speed vs. control
• Lack of visibility
• Inconsistent legal language
• Information silos and manual processes
• Inability to manage changes
On the flip side, effective contract lifecycle management accelerates deals and eliminates risks. The most sophisticated contract management solutions offer automation and incorporate artificial intelligence, solving the most pressing pain points with a centralized system and repository built on a single data model.
Partnering with Apttus for Contract Management
Contract management software from Apttus brings visibility and control to the contract management process, so that your legal agreements become a strategic advantage. Apttus Contract Lifecycle Management (CLM) delivers intuitive, comprehensive, and robust contract management across all your contracts while ensuring complete governance. Apttus CLM is a key component of the Apttus Quote-to-Cash solution, allowing sales organizations to speed time to revenue, prevent revenue leakage, and reduce risk.
Interested to learn more? Join Apttus and Mind Merchants at the upcoming IACCM Mini Conference taking place on September 24, 2019 in Gurugram, India.
About Mind Merchants
Mind Merchants is an ITELS (IT Enabled Legal Services) company incorporated in India and catering to leading corporate legal departments globally. Their expertise is in providing end-to-end solutions, ranging from initial need identification, evaluation and selection of the right solution to implementation and adoption of the services and software. Mind Merchants provides tailored, market-specific, legal support solutions that automate and streamline legal tasks for increased efficiency, reduced costs and better margins for companies and law firms of all sizes. The company works closely with global consulting and technology leaders and primarily focuses on delivering one window solutions encompassing process improvement, efficiencies and technological transformations.
Apttus is a global provider of the Middle Office platform that allows enterprises to automate and optimize their most critical revenue and commercial relationship management processes. With our 13+ years’ experience, Apttus pioneered Enterprise Contract Management Solutions for hundreds of global enterprises, and continues to innovate in areas concerning collaboration, user experience, productivity and AI. Analysts rank Apttus as the global gold standard for the Middle Office, Enterprise Contract Lifecycle Management (CLM), Quote-to-Cash (QTC) and Digital Commerce solutions.