Insights

Centralize Contract Storage: Maintain a single repository for all contracts, making them accessible and trackable.

Automate Workflows: Use CLM software to automate the contract creation, approval, and monitoring processes.

Regular Audits: Periodically review contracts to ensure they align with business goals and regulatory changes.

Define Ownership: Ensure accountability by assigning contract owners responsible for monitoring compliance and performance.

Use KPIs for Contract Performance: Track key performance indicators (KPIs) related to contract value, vendor performance, and compliance metrics.