Contract Management Short-list for 2012

 1.) If your business still relies on file cabinets, stores contracts in various formats and locations, and/or has struggled with lost or misplaced documents-the time to embrace the model of a centralized storage location to maintain all contracts and related documents is long overdue.

2.) Keep track of issues specific to the legal requirements of your industry (SOX, HIPPA, etc.).  The era of big regulation is here to stay.  Staying on top of ever evolving rules and standards is not a luxury-it is a competitive necessity.  

3,) Data capture is only half of the battle.  A contract management system that easily integrates with other business software (such as Salesforce.com, Microsoft Dynamics GP, Microsoft SharePoint, SAP, and Oracle) and has reporting capabilities is an invaluable tool for generating actionable data. For example, businesses should know when they can increase prices by utilizing email reminders and quick summaries of provisions to make sure they are maximizing revenues. Each business should also monitor fee increase provisions from vendors to enable their accounting teams to decrease expenses.

What is on your contract management resolution list?