The term "contract lifecycle" refers to a contract as it moves through the different stages of the contract management process. It's important that your business be able to effectively move contracts through the contract lifecycle. Companies that exhibit poor contract management risk losing 9.2% of revenue each year. Conversely, companies that show effective contract management show a 20% higher lead conversion rate. Basically, your company can't afford not to look for ways to improve contract management. There are tons of ways to improve the contract management process, but the best way is to implement a Contract management system.
A SharePoint contract management solution is a great tool for automating your contracts and making the contract management process more efficient. A recent study by Aberdeen Research found that the administrative costs of contracts are reduced by 25-30% when using an automated contract management system. However, there are more benefits that a SharePoint contract management system offers than just reduced prices. Here are some of the benefits of using a SharePoint contract management software,