Tuesday, May 24, 2005

Six tips to succesfull Contract management

Six Tips for Successful Contract Management...
  • Maintain contracts in a centralized location - The entire enterprise can
utilize the centralized and searchable system of record to answer any
contract related question
  • Implement contract policies and best practices - Contract management
software allows companies to easily establish and maintain contract
policies and force usage of company approved contracts, templates,
clauses, and terms .
  • Validate enterprise transactions - Just because your financial system
validates that a payment or receipt has data in all required fields, doesn't
mean that data represents the contractual obligations specific to that
transaction. Contract management software is built specifically to validate
transactions against contracts.
  • Automate research and reconciliation of contract disputes - Workflow
based contract management solutions significantly reduce the time, effort
and expense to research and resolve contract related disputes, including
payments, deductions and chargebacks.
  • Contract Analysis - In addition to product, customer and segment
profitability analysis, perform contract profitability analysis. Often times,
customers, products or even entire segments are unprofitable because of
contractual inconsistencies or flaws.
  • Collaborate on-line with trading partners - Collaboration on contracts over
the Internet expedites contract negotiation cycle times and allows for a
complete history capture of the entire negotiation and all component parts
of the contract.

posted by Igor Gramc @ 4:43 AM