In-House Tip: Implement a Contract Management System

Are your contracts organized, accessible, and easy to manage?

Here’s why a contract management system is critical:

◼️Centralized Storage: All contracts in one place, accessible anytime, anywhere.

◼️Enhanced Visibility: Easily track key terms, obligations, and expiration dates.

◼️Automated Alerts: Never miss a renewal, deadline, or compliance requirement.

◼️Faster Retrieval: Quickly locate contracts without endless searches.

◼️Risk Reduction: Real-time access to contract data minimizes legal risks.

◼️Audit Readiness: Be prepared for audits with organized, trackable records.

◼️Performance Monitoring: Track vendor and partner performance against contract terms.

◼️Improved Collaboration: Multiple departments can access and manage contracts seamlessly.

◼️Data Insights: Analyze contract data to optimize terms and identify trends.

◼️Scalability: Handle increasing contract volumes without adding headcount.

If you’re serious about elevating your contracting function—invest in a contract management system.

Conclusion

The goods news is that most of your already have a CLMS system – but you just don’t realise it. If you are using SharePoint – you are off to a great start. 

We have written extensively on the issue of CLMS deployment – it is a core strength at GLS. Check out the Knowledge Resources and Legal Tools on the right. 

Remember: The best in-house legal teams manage contracts, not chaos.