Managing people and projects is never easy. But, when you\nalso have to make sure you are meeting the requirements of a contract with\nanother company, project management can become overwhelming. \n\n\n\nThe key to keeping these projects on time, on budget, and in\nfull compliance with the terms of the agreement is to use contract milestone\nmanagement. \n\n\n\nWhat is Contract\nMilestone Management?\n\n\n\nContract milestone management is the act of dividing the\noverall project into smaller parts. Each part is called a milestone.\n\n\n\nYou want to make sure that each contract milestone\nis tied to both the successful completion of the project and to the contractual\nobligations laid out in the agreement. \n\n\n\nContract milestone management is both a project management\ntool and a contract management tool. \n\n\n\nImprove Compliance\n\n\n\nMany contracts have a variety of penalties for failure to\nmeet all of the exact requirements of the deal. While one single penalty may\nnot be excessive, each penalty eats into your profit. \n\n\n\nIf you are regularly incurring penalties on a variety of contracts, it can lead to huge losses. This also damages your business reputation. The most common cause of late deliveries and other problems that incur contractual penalties are the result of mistakes and poor management.\n\n\n\nThere are too many moving parts for one person to keep track\nof everything without help.\n\n\n\nContract milestone management simplifies contract management\nand allows you to focus on the small steps that will ensure a timely,\nhigh-quality delivery. This technique also allows you to better forecast the\nresources you will need in the near future to complete the rest of the\nmilestones. \n\n\n\nMonitor Progress of\nBig Projects\n\n\n\nLarge, complex projects are difficult to monitor. It can be\nhard to project when future work will be completed or even how close you are to\nproject completion. \n\n\n\nWhen you use contract milestone management, you have an\nobjective method for monitoring completion percentage and progress.\n\n\n\nThe company will know early on if they are on schedule or if\nthey will need additional resources to speed up project completion.\n\n\n\nIt is easier to show executives and other stakeholders what\nmilestones have been completed and what milestones remain.\n\n\n\nClear Deadlines\n\n\n\nWhen you are working with a variety of different\ndepartments, managers, and employees, it can be hard to monitor deadlines. It\nis easy for different parts of your organization to become confused about what\ndeadlines they are facing.\n\n\n\nHowever, with contract milestone management, everyone has a clear set of deadlines that must be met to complete the project on time. \n\n\n\n Never 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\nImproved Workflow\n\n\n\nThe biggest advantage of contract milestone management is\nthat it improves the company workflow. By creating milestones at the outset of\nthe project, it forces everyone to spend more time thinking about all of the\nwork that goes into a single project. It also forces the organization to create\nan efficient workflow. It establishes greater accountability. \n\n\n\nManagers can plan for their portion of the project because\nthey will know when something is supposed to be delivered and who will be\nmaking the delivery. \n\n\n\nConscientious monitoring of contract milestones will lead to\nbetter contract compliance, stronger relationships between different departments,\nand more improved workflows.