Contract management can be a thankless task. Often, the executive team only notices when there is a problem. However, smooth contract management is essential to running a competitive business in any industry. \n\n\n\nHere are five signs that your contract management system is headed for trouble. \n\n\n\n1. Inconsistent\nContract Terminology\n\n\n\nLegal documents like contracts require precision. Many words\nhave specific meanings in contract law. If the language your company uses\nvaries, even slightly, from contract to contract when describing the same\nterms, you could be setting yourself up for a protracted legal battle.\n\n\n\nEven an out of place comma can change the meaning of an\nentire clause. While many contractual terms will need to be customized for\ndifferent customers and vendors, the language needs to be kept as consistent as\npossible. \n\n\n\nYou need to have a standard set of terms in all of your\nvendor contracts and a standard set of terms in all of your customer\nagreements. This standard language will provide a consistent framework for your\nteam use in negotiations. \n\n\n\n2. Difficulty in\nManaging Draft Contract Revisions\n\n\n\nHow many people do you have working on a contract at one\ntime? Does anyone ever question if they have the most current version? If your\ndocument control system makes it possible for someone to work on the wrong version\nof a contract, you are wasting valuable time and creating an opening for huge\nmistakes to make their way into the final contract.\n\n\n\nContract errors are more than just embarrassing. They can\ncause a customer to question your competency. Even worse, they can create\nlitigation risks down the road if they go unnoticed.\n\n\n\n3. Intense Tensions\nBetween Legal and Sales\n\n\n\nEvery company has the same battle between legal and sales. Sales want the contract signed yesterday, and legal wants another week to review the details. \n\n\n\nIf these tensions are too intense, it hurts morale and can\nparalyze your organization. The need for speed and accuracy need to be\nbalanced. \n\n\n\nIf you are using a manual process for managing a contract\nthrough the approval process, you are making these tensions worse. \n\n\n\nYou need a way for sales to track the progress of a contract in the approval process, without them having to bother other staff members. This transparency will also help the sales team give customers accurate information. \n\n\n\nNever lose a contract again! Work more effectively, increase your revenue, centralize & secure your contracts. Available anywhere, anytime & on any device.Get your Free Demo today! \n\n\n\n4. Contract\nInformation Access Issues\n\n\n\nInformation is your most valuable asset. Does everyone in\nthe organization have access to the information they need, when they need it\nwhen working on a contract? Do contract managers have easy access to other\nmembers of the company responsible for contract implementation?\n\n\n\nIs sensitive information adequately protected from\nunauthorized access?\n\n\n\nManual document control and security systems are not robust enough to allow for on-demand access when needed, while still making sure only authorized personnel to have access to sensitive information. \n\n\n\nYou need a system when authorized personnel can access the information\nthey need immediately from anywhere in the world. \n\n\n\n5. Contract\nCompliance Penalties\n\n\n\nEvery contract compliance penalty paid by the company represents\na failure of the contract process. Either someone was too optimistic in their\npromises, someone neglected their duty to perform, or the contract manager failed\nto follow up.\n\n\n\nAs contracts become more complex, contract compliance\nbecomes more difficult. You need to automate as much of the compliance\nmanagement process as possible. \n\n\n\nHow to Solve These\nCommon Contract Management Pain Points\n\n\n\nContract management has become too complex and too important\nto rely on a database or spreadsheet and a filing cabinet to run everything. \n\n\n\nContract managers need a skilled digital assistant that can\nautomate much of the process. The right contract management software will solve\nall of these common contract management issues. \n\n\n\nBy using alerts, artificial intelligence, and secure\ncloud-based storage, contract management software allows contract managers to\nspend their time solving problems instead of searching for documents.\n\n\n\nModern contract management requires smart automation and\nsecure data technology that only contract management software can provide.