Execution: Carrying out the terms of the agreement. Businesses that remove manual processes and integrate digital technologies like Concord’s e-signature platform achieve 70% to 80% efficiency. Concord was built for all teams across your organization, Learn how Concord helps with every part of your contract lifecycle, See how teams manage their contracts with Concord, Collaborate with everyone: your teams, customers, and vendors, A true system of records for your company, Use smart approvals to guarantee compliance, Gather insights about all your contracts in seconds, Build your team, without all the paperwork, Configuring account (templates, folders, workflows), Configuring user base (seats, teams, access rights). However, the more recent focus on contract management as a critical business process is, as more organizations realize the potential, if managed well, for the process to maximize financial performance and minimize risk. In fact, on average 12%-15% of contracts are actually lost. The contracting process has remained one of the most poorly managed functions within most businesses resulting in significant costs, time, money, and opportunity, as well as inviting unnecessary risk that can have dire impacts on an organization. Signature forms are either typically a “wet signature” (physically putting pen to paper) or by e-signature, a faster way to secure signatures using online solutions. The cost of contract management software starts at $59/user/month and can range as high as $775/month. In a business this includes, but is not limited to, those made with customers, vendors, partners, or talent. SAN FRANCISCO, Jan. 12, 2021 /PRNewswire/ -- Concord, a leading Contract Management company, announces the addition of three new senior team members to drive the next stage of growth for the company: Ray Rauch as Vice President of Customer Success, Matt Harmon as Vice President of Global Sales, and Andy Ramirez as Vice President of Marketing. A CLM is essentially the modern answer to the CMS. “Effective contract management provides lightning fast time-to-value and profound ROI. Yet, knowing all this, 94% of the world’s organizations, still manage their agreements through manual, legacy contracting processes. See user ratings and reviews now! Work with all internal teams, not just Legal, Negotiate with your customers, vendors, or any counterparty. Spending time on this process is necessary for an organization to function, but with that time being estimated at nearly a month, it can be at the cost of other valuable work being completed. An all-in-one platform, Concord is simple to use and works with any type of document, across your entire company—connecting every document, every person, every process all in one place. However, it is important to know the difference between fact or myth, especially when it can make or break (or bankrupt) the business. Yet myths around contract management software has been halting opportunity for many. Concord is the simplest contract management platform to collaborate on, manage, esign, and store agreements. By Concord Editorial Nov 7, 2018. Roles and Responsibilities of Contract Managers. When beginning evaluation to purchase a contract management solution or if re-evaluating a current solution or process it’s critical to map out all processes, software integration points, users, etc. They are not built to support multiple departments within a company, and don’t allow for any editing/redlining/signature capabilities, e-signature, and post-signature management typically—all components of the agreements process. This is a demo of the Concord Contract Lifecycle Management system. It … Even those who have adopted technology, may have chosen tools that are limiting for their business. Leveraging technology, often in the form of templates, Goldman Sachs reports can reduce time spent on a contract by 20%. Welcome to Concord Management LATEST NEWS ConcordRENTS Goes Green with Solar. Consider all steps relating to the implementation project—beginning, middle, and end. Request a demo to learn more. At a high level, a contract’s life cycle begins when one party requests goods, service, or partnership from other party. Concord is a contract management system that helps all companies manage the entire lifecycle of their contracts—from creating contracts all the way through managing renewals post-execution. Contracts form the commercial foundation of an enterprise, managing every dollar in and out of a company. Review & Signature: Final review of a negotiated contract and the act of signing said agreement, signifying acceptance of terms. The easier to use (or more intuitive a product)—one, implementation is shorter, and two, the adoption rate is higher, delivering a much quicker time-to-value. A contract lifecycle management solution will streamline the Contract Management process, across all stages, through automation. Negotiation: The process of sharing, editing, and redlining and agreement with another party … This delivers more business opportunities and captures more revenue, all while delivering an intuitive experience that makes the lives of those who manage contracts (Legal, Contracts Managers, Procurement, etc.) Concord Contract Management System Concord uses AI to increase revenue, reduce costs, and ensure compliance. Find out how Concord can streamline your agreements process to reduce costs, maintain compliance, and increase revenue. ), streamlining the agreements process across departments, offices, and markets. Also of note, the more customization the harder the push for adoption and possibly the lower the adoption rate or success for the change initiative. Is Concord the right Contract Management solution for your business? Contract Managers are often working in a “survival” mode when they could be thriving, and rising as strategic assets to the organization. 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