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Contracts define business relationships for companies of any size in any industry. They are the backbone of any organization, which is why managing them effectively is critical to the success of your business. Whether you work in procurement, legal, compliance, risk management, or sales operations, contract management has an impact on your daily life.

Today your contracts are more detailed, complex, and variable than ever before. Authoring them requires special skill, negotiating them takes sharp acumen and well-coordinated communication, and successful post-execution management requires constant awareness and due diligence on a variety of compliance issues.

Imagine this scenario: You need a copy of the most recent version of an agreement that is vital to your small business or department. But your contracts are scattered. Some are paper, while some are in .PDF format on someone’s hard drive. You may be facing a deadline and yet you have no idea where to begin looking for the contract.

If you work with your organization’s contracts on an everyday basis, you may have realized certain inefficiencies and difficulties that come with using a manual contract lifecycle management (CLM) process. But until your management team realizes that your current contract process is less effective than it should be they may not recognize a need to pursue alternatives. In fact, most organizations don’t think of purchasing CLM software until they miss a critical deadline, fail an important audit, or lose thousands of dollars due to an automatic contract renewal. Prevention of these and other mistakes is exactly why your business needs CLM software.

Contracts are an essential part of any organization. They define the terms and conditions for each business relationship, driving a company’s success. Contracts are living documents in constant need of attention and nurturing. Many people view the contracting process as a straightforward process, consisting only of creation, negotiation, approval and storage. In fact, the process has one more step, perhaps the most critical, which is management.