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What is contract management and how to do it digitally?

What is actually contract management and how to do it digitally?

Contract management is the process of managing the creation, execution, and performance of contracts, including the negotiation, documentation, and administration of contracts with suppliers, customers, and other business partners. The goal of contract management is to ensure that contracts are executed efficiently and effectively, and that they are aligned with the overall business strategy and objectives.


Contract management involves a range of activities, including:


Identifying the needs and requirements of the organization and the parties involved in the contract.


Negotiating the terms and conditions of the contract, including pricing, delivery schedules, and performance requirements.


Drafting and reviewing the contract to ensure that it is legally enforceable and meets the needs of all parties involved.


Tracking the performance of the contract to ensure that all parties are meeting their obligations and that any issues or disputes are resolved promptly.


Managing the contract throughout its lifecycle, including any changes or amendments that may be required.


Effective contract management can help organizations mitigate risks, optimize costs, and ensure that contracts are aligned with business goals and objectives. This is what we do at Sowise. We help you either enter a digital contract management world or upgrade your current contract process to a more effiecient and secure one. 


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