Contract Management Software

Having a comprehensive process in place for managing your organization’s contracts is a proactive way to mitigate vendor risk. LogicManager’s Contract Management solution package helps you track critical metrics, identify trends, streamline your processes and more.
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What is Contract Management?

Contracts serve as the cornerstone of any vendor relationship; and vendors help your business succeed. It stands to reason that having a robust contract management program in place is characteristic of any successful organization. No matter how many vendor contracts are in effect at any given time, managing the ins and outs of the agreement terms requires ample due diligence. Contract management may involve: 

  • Reviewing and negotiating terms to optimize financial benefit (i.e. reducing fees, eliminating unwanted add-ons and tracking discounts).
  • Analyzing previous trends in the vendor relationship to forecast future data and better design workflows and processes.
  • Continually ensuring compliance and alignment with your organization’s policies and procedures.

Risks

Failing to properly manage your contracts can get your organization into stressful situations that could have been avoided, such as:

  • Missed renewal and contract end dates – This can lead to hours of negotiating with customer service to issue you a refund, or wasted money spent on a service or product you no longer wanted or needed.
  • Increased chances of confidentiality breaches – By not having immediate access to contract requirements, vendors may violate your terms and you may not even notice. This puts your most sensitive data in a vulnerable position.
  • Improper resource allocation – Spending too much or too little resources in certain areas of your business can lead to imbalance and ultimately cause you to spend outside your budget.

Achieve Contract Management with LogicManager

Save money

Save your organization money by ensuring that contracts don’t renew when you don’t want them to. LogicManager will notify you of termination dates so that they’re never missed and you stop spending money on vendors you aren’t actually using.

Maintain a centralized repository

Completing your contract management due diligence processes in one central location allows your organization to easily see if any individual contract does not meet the appropriate guidelines, standards and requirements you’ve set forth. Standardizing this process ensures that each contract is going through the same review process, collecting the necessary information along the way.

Track critical information

Our out-of-the-box contract management fields allow you to record key information about your contracts, such as contract end and renewal dates, liabilities, SLA monitoring metrics (like service scope and purpose) and other terms and conditions.

Streamline your processes

Schedule automatic workflows, and assign tasks ahead of time on a recurring basis based on a contact’s type, renewal date, department and more. This frees up your employees’ time and energy so they can stay focused on more strategic objectives.

Proactively mitigate risk

LogicManager is an ERM software designed to help you view your governance activities through a risk-based lens. Access out-of-the-box risk assessments and update contracts so that there are terms in place that mitigate any of the vendor risks you’ve identified in your assessments. Doing so also helps protect your organization from liability if any of those risks should materialize.

LogicManager’s Contract Management Solution

Here’s more of what you can expect with LogicManager’s Contract Management solution package: 

  • Our contract management fields can be leveraged to gather information that facilitates the contract onboarding process. This allows you to document a contract overview, record SLA monitoring and more.
  • Eliminate human error by automatically triggering contract reviews based on upcoming renewal dates. From there, trigger the full workflow process so that all of the appropriate steps are taken and all of the needed parties are notified.
  • Since LogicManager is a fully integrated GRC platform, complete your contract management activities directly alongside your vendor management information. This provides important context to help you understand the why behind your work.

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Contract Management Tools

Want to learn how LogicManager’s Contract Management solution package can help transform your vendor management program? Start by requesting a free demo today.

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