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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.
Igor Gramc @
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