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Policy management resources, best practices articles, guides and how-to's can help optimize your processes.
Contract management resources, articles, guides and how-tos can help you improve efficiency.
Resources, best practices, articles, guides, and how-tos to effectively manage incidents.
Articles and guides on conflict of interest disclosure on how to properly handle potential conflicts.
Strategies on building frameworks for managing risks and staying up to date with regulatory developments.
Managing hundreds and thousands of contracts can be a difficult task. Contract lifecycle management best practices like these 7 tips we have put together can help eliminate bottlenecks and increase, as well as recognize, revenue.
ompanies should create and use templates that are used throughout the organization. Utilizing contract templates will help ensure concise and consistent formatting on each of the company’s contracts. Above format, templates for contracts will also standardize language regarding various parts of the contract such as terms and clauses. This increases professionalism and integrity across the enterprise.
Keeping contracts in a single location allows for an organization to stay streamlined and on top of their existing and previous contracts. When contractual documents are all in one place, they also become more easily searchable and can be referenced quickly and easily.
This tip for managing contracts goes hand-in-hand with the previous one. When contracts are in a single central repository and are easy to find, any number of collaborators are able to locate the document and make the required edits or comments. Another way to foster collaboration is to get contract adjustments outside of email. Email is a collaboration killer. It is difficult to find the latest version of a contract, let alone collaborate on approval and review. Contract management software is great way to manage the drafting and review process.
One of the many great things about advanced technology is being able to setup automated reminders related to specific tasks. This is no different when it comes to contract lifecycle management. Reminders should be automatic and set up at each critical stage of a contract. These reminders can be related to certain approval tasks or correspond with important deadlines such as contract renewal and expiration dates.
Many organizations already have tools at their fingertips that can help them take control of contract lifecycle management. Microsoft Office 365 and SharePoint online is one of those tools. Look for software and apps that integrate with your existing technology. Not only will this take the contract process to the next level, but it will also make it easier for users through the organization to learn and understand.
Another downfall of managing contracts via email is the lack of audit preparedness it provides. Whether or not an organization anticipates an audit, it’s important to stay ahead of the curve and log contract-related operations. The best way to do this is to create an audit trail or invest in a contract management software that provides an audit trail. The step-by-step documented history of each and every contract will streamline the audit process should it occur.
If there is not a dashboard or monitoring tool in your contract management process, it becomes difficult to know the current status, updates or action history on any given contractual document. It is important for an organization to not only value insight but invest in it as well. To do so is to provide the organization with a contract lifecycle management tool that provide a contracts administrator with insightful data at every given stage.
Contract management software can help organizations implement these best practices quickly and easily. Learn more about ConvergePoint complete Contract Lifecycle Management Software and schedule a demo now.
After investing time and resources creating these policies, make sure employees read, understand and apply them to their daily job responsibilities! How? Read the Guide on How to Ensure Employee Accountability & Compliance through Effective Policy Management.
Implementation takes days, not months. With a variety of deployment options to best suit ConvergePoint’s needs, including in-house SharePoint, SharePoint Online via Office 365 and as a Software-as-as-Service. Choose the deployment option that works best for your organization. Whether it’s in-house or hosted, our compliance management software offers robust features and free upgrades.
ConvergePoint has been helping organizations in the Education, Financial, Healthcare, Manufacturing, and Retail industries manage their compliance documents since 2002. Our customers include MIT, Itaú Bank, Valley’s Children’s Hospital, Bell Helicopter and Estee Lauder.
Implementation takes days, not months. With a variety of deployment options to best suit ConvergePoint’s needs, including in-house SharePoint, SharePoint Online via Office 365 and as a Software-as-as-Service. Choose the deployment option that works best for your organization. Whether it’s in-house or hosted, our compliance management software offers robust features and free upgrades.
Manage the policy and procedure life cycle with from start to finish. Create, revise, review, track and approve policies, distribute and manage employee compliance certification. Learn more.
Request, create, approve, manage and renew contracts on a single contract management platform with extensive search and reporting capabilities. Learn more.
Increase transparency by automating the COI disclosure process, from requesting employee forms to tracking decisions and reporting on conflicts. Learn more.
Let’s discuss your compliance challenges and goals — schedule a live demo today with one of our client relations managers. You’ll see how our Policy Management Software on SharePoint, Office 365 or SaaS works, and how it can quickly strengthen your compliance management program.
Automate employee safety training, update safety policies, get real-time reporting and track incidents, inspection completion and corrective action assignments.Learn more
Manage employee and teacher contracts, sponsorship deals, city and state regulations, and partnerships.
Manage supplier and vendor contracts, employee and staff contracts, distribution contracts, and facility leasing and ownership contracts.
Comply with HIPAA, HITECH, ICD 9, ICD 10, and FDR CFR regulations for contract management, and handle active directory contracts for your organization.
Comply with SEC, FDIC, FINRA, OCC, CFTC, and Federal Reserve regulations on contracts, handle employee contracts, and partnership deals.
Create and manage employee contracts, improve organizational transparency, reduce risk factors, and mitigate lawsuits.
Abide by local, regional, state and federal regulations, manage contractor information, develop third-party outsourced contracts, and handle facility agreements.
Comply with FAA, DOT, FMCSA, FRA and FTA regulations for contracts, outline contracts for drivers and vendors, and reduce potential risks.
Visit our resource library for industry best practice tips and for case studies on how our software has helped clients in your industry.