The Ultimate Guide to Contract Obligations Checklist for Tracking
Many contracts weaken in their results and profitability – and not because of inherent issues with materials, resources, or processes. Instead, most just fall through the cracks because of a weak grip on contract obligations. Having a strong, tight, and non-slippery hold on the contract obligations checklist can be all the difference between a good contract and a sloppy one. But for that to happen, an enterprise would need a good rope to hold everything in place, and one that is not too rough or heavy to wield.
Simplify contract obligations checklist
Imagine if your business users could get an environment that is super-fast, intuitive, and understands what they need- whether it is a specific company-related keyword they are searching data through, a contract obligations checklist, or contract obligations checking. What would happen if they enter a scenario that allows them the advantages of:
- The specific search for documents at a brisk pace
- Advanced metadata search and reporting
- Adaptability to a multiple range of devices, processes, and corporate sizes
- A solid, well-designed, and safe central repository capable of housing millions of documents
- Lightweight and fast data retrieval- despite the storage size of the primary CLM data
- Surprising levels of precision and speed for pulling out data for real-time, ad hoc reports on contract lifecycle management
- Ability to save the effort and investment on large ERP databases
- Doing away with the time spent on multiple data conversions
- Customization of metadata as per the company’s context and unique processes
- Personalized approach to configurations
- Staying up to date with compliance and timelines with real-time contract obligations checking
- Ability to visualize contract obligations checklist
- Prompt work on both extraction and export of reports in the ambit of contract management software
- Ability to download and visualize data in multiple formats
- Sharp functionalities for search, tracking, and reporting
- Actionable reporting on contract aging, expiration, and renewal dates for making contract lifecycle management intelligent, impactful and cost-savvy
- Possibility for business users to view history, make comparisons, and review specific contract details, thus, streamlining contract lifecycle management
- Ease of general status overviews and review of expiration dates without hopping across various applications in contract management software
Life with and without contract management software
When contract specialists, project teams, and legal teams can enjoy easy navigation, fast search, and instant reports with good contract management software- all supported with vital configuration ease and specific use-case – they can augment what they do.
Notably, a KPMG survey in 2021 highlighted how engineering and construction executives prioritize risk management of successful projects. It was observed that contractors with annual revenue between US$1 billion—US$5 billion report the highest scores for portfolio governance, processes, and controls. Transparent and standardized risk processes and controls have emerged as the top priority, along with a risk culture and accurate risk reporting. Risk management across the sector can vary widely in quality, and these elements are table stakes. About 58 percent of the survey respondents say they consistently monitor, track and report on benefits realized from capital projects and programs. About 27 percent consider quantitative risk analysis tools as necessary. For 28 percent of project owners, accurate risk reporting has evolved as the principal element for achieving successful risk management across a capital project portfolio. Over two-thirds of project owners have defined portfolio governance processes and an established capital allocation framework, which lets executives stay abreast of the overall portfolio direction and performance. It ensures that resources are applied optimally. Yet, only four in ten owners say they use portfolio planning software. In addition, 45 percent of owners do not have an embedded asset management team to oversee capital allocation between projects. 47 percent of contractors do not employ quantitative tools to perform financial and risk analysis as part of the project selection process. Also, contractors are more likely to invest heavily (50 percent versus just 33 percent for owners) in technology. While projects are getting larger and more complex, just less than four in ten are using portfolio-level planning software.
As we can interpret here, technology heralds speed, efficiency, and results when driving good contracts. An enterprise has to keep a good eye on what’s happening with contract obligations checklist – and with fast data, intelligent analytics, and ready-to-apply reporting- the value of contracts can be significantly augmented. Good contract management software helps save a lot of costs on managing delays, penalties, and compliance. And it guarantees that your enterprise is always on top of things regarding contracts. Not chasing them. But gaining from them.