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What is contract management? Tips, challenges, and best practices

Learn the importance of contract management, explore best practices, challenges, and how modern tools can streamline your contract processes for success.

Rachana Chotia
Rachana Chotia
May 27, 2024
 min read
What is contract management? Tips, challenges, and best practices

Frequently asked questions

What is the role of a contract manager?
A contract manager is an individual who oversees the entire contract lifecycle. They take care of contract initiation, authoring, approvals, monitoring, and signing.
What are the key functions of contract management?
Contract management is the process of handling contracts from creation to execution. Its key functions include contract creation, negotiation, risk management, compliance monitoring, and contract renewal/termination.
What is the role of AI in contract management software?
AI is adding advanced automation features to contract management software. Using AI features, you can easily extract information and insights from existing contracts or generate summaries.
How do you implement contract management software?
Implementing contract management software involves identifying your technical needs/budget and finding a contract management software that fits your budget. After internal approval, you can purchase the software subscription and schedule a kick-off or training call to give all internal users an overview of the software.
Rachana Chotia
Rachana Chotia
Rachana is the Content Marketing Manager at Signeasy, where she works with the product & customer teams to create content related to eSignature and contract workflows. In her free time, she enjoys going for walks, watching anime, and reading a good book.
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