Common Contract Management Challenges

Here are some common contract management challenges associated with traditional or non-digital Contract Lifecycle Management Operations:

Lack of central repository or governance for contracts

Multiple final versions of contracts that differ or overlap

invoice po match

No mechanism for reviewing contracts during life

No process for managing disputes or legal requests

Informal processes for requesting new contracts or making changes

Transacting out of contract or without reviewing terms

Manual and weak processes for managing approvals – internal or external

Poor understanding and visibility of contract & SLA performance

No templates or standard T&Cs to simplify common or standard legal requests

Irregular or weak communications between the internal legal team and business teams

Business and operational teams are unsure who to get support from on legal issues such as contracts

No mechanism to proactively prepare for either supplier or customer contract renewals

No process for formally reviewing or supporting the creation of new contracts for either suppliers or customers

Unofficial contracts – i.e. contracts modified without qualified oversight and outside of templates, i.e. Contracts edited by sales without legal oversight

Do you want to know more about Digital Contract Management?

What’s your Contract Lifecycle Management challenge? – We offer No Obligation Free of Charge consultations to help your identify the right approach to digital Contract Management & Lifecycle Management for your organisation.

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