Your contract management process affects everything from\nyour supply chain to your customer service. The more efficient every part of\nthe contract management process is, the more profitable your business will be. \n\n\n\nHere are three ways you can further optimize your systems. \n\n\n\n1. Create Written,\nFormal Handover Practices\n\n\n\nWhen something falls through the cracks in your contract\nmanagement process, it can be disastrous. The only way to prevent this from\nhappening is to make sure there are no cracks.\n\n\n\nYou need to create a formal handover process that is written\ndown. The best handover practices involve a formal handover meeting where\neveryone who had a part in drafting and negotiating the contract is in the room\nwith everyone who will have a role in executing the agreement.\n\n\n\nWhen the contract management team has a written handover\nplan to follow, it eliminates all the guesswork. The team will always know who\nis responsible for the execution of each part of the contract. \n\n\n\nBy making standard operating procedures for the contract\nhandover process, you ensure that there will never be any surprise contract\ncompliance issues. \n\n\n\n2. Standardize Your\nAgreements\n\n\n\nHow consistent is your language across all of your\nagreements? How consistent are the timelines? The more variation there is in\nyour contracts, the more effort and expense goes into managing them. \n\n\n\nYou should audit your contracts for consistency in language,\nterms, and timelines. \n\n\n\nInconsistent language and terms for customers and vendors in\nthe same position increases your litigation risk. You want all of your\ncontracts to have the same language to describe the same basic terms. This is\nsometimes known as the contract boilerplate. \n\n\n\nThe boilerplate may sound boring, but this language is critical to protecting your organization in the event of a dispute. \n\n\n\nIt\u2019s hard enough to stay on top of all the agreements that\nare expiring or auto-renewing. But, when every contract is for a different\nlength of time, it makes it almost impossible to predict the contract\nmanagement workflow and to streamline the contract lifecycle.\n\n\n\nIf all vendor contracts need to be renewed every two years\nor all new customer contracts are for one year, it is easier to set follow-up\ndates. You are less likely to miss key deadlines in the contract lifecycle when\nyou know the exact lifecycle length for each contract. \n\n\n\n3. Create\nCross-Department Teams \n\n\n\nYour contract management team are experts in contract\nlanguage, enforcement, and consequences. But your contract management team\nlikely lacks operational, sales, and customer service expertise. \n\n\n\nCreating cross-department teams that meet every month, or even every quarter, will improve your contract management efficiency.\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\nHaving regular contact with the people who are responsible\nfor executing the different stages of the contract during its lifecycle will\nhelp avoid compliance issues. It will also help ensure that the sales team\nisn\u2019t over-promising when meeting with potential clients. \n\n\n\nSetting up cross-department teams also improves\ncommunications. It prevents critical customer knowledge from being siloed from\nthe rest of the company. This practice also makes it easier to solve problems\nquickly and in a way that most benefits the customer and the company. \n\n\n\nIt can feel like having a fully-optimized contract management process is a moving target. There is always something new to deal with. But, if you take these three steps, you will encounter fewer surprises. These three steps will improve your contract management workflow and benefit the rest of the company.