Even these standard contracts need to be tracked and managed. But it is the oddball contracts, the unique contracts, that have special terms and conditions that require attention. We all have them. What is needed is a solid contract management system that tracks the required actions and responsibilities on all contracts, and produces the required reports or alerts to ensure that those responsible are informed well in advance of the required actions. The smartest thing to do immediately is to conduct some quiet research, both internally and externally.
Someone has to take responsibility for leading the effort to investigate new technologies.
Likewise, a system that will affect how many people will work in your organization will have a better chance of success if you have a buy-in by those who will be affected. A team approach to reviewing the need for a contract management application system, and selecting such a system, will help to ensure success. Conclusion Contract Management is a discipline that has come of age. In general, the cost related to missing a deliverable or failing to stop an escalation or renewal, is often much greater than the cost of the software itself. All rights reserved.