Know the Basics: What is a contract manager?
Ah, contracts! .. The foundation for driving business growth!
Contracts may not always be the most exciting topic, but we all know they play a crucial role in business. Because, let’s be honest – without them, many companies wouldn’t be able to register any revenue and if you don’t know what is a contract manager you might need to keep on reading. But as our business grows, the volume of contracts will inevitably increase as well. And unfortunately, it may become difficult to manage when we have other responsibilities.
And that’s where a contract managers come in!
Simply put, contract managers are the people responsible for all our contracts. From creating the contract to overseeing the negotiation process to signing the contracts. They are the go-to people for everything related to the administration of the contract management process.
The simple answer is no. Being a lawyer or attorney is not necessary to be hired as a contract manager. Usually, the contract manager is just another person from the operations department. While legal knowledge is highly appreciated, the role is just about streamlining the contract management process so that our sales team can close deals faster.
However, in bigger companies, it may be more suitable for someone from the legal team to fill the contract manager role. This is particularly true for organizations where the contracts are complex or high in volume.
You might be thinking: “Does my team need a contract manager? Why should I hire a contract manager?”
Well, think about it – as a large company, we might handle a tremendous amount of legal documents weekly, if not daily. Keeping track of such a large volume of documents can be difficult. So, if it’s not done well, it can lead to mistakes that might cost us a lot of money. And we don’t want that!
Even more so, for companies that don’t have an automated contract management system, this can be even more challenging. Many companies still use a combination of multiple software platforms to store their legal documents. And unfortunately, managing their contract management can be stressful and time-consuming. But if you don’t plan on purchasing a contract management automation softwareyou might want to consider hiring a contract manager. This way, you can have a full-time employee oversee the contract process. However, don’t forget that for an even more efficient process, you can automate your contract lifecycle management that is administrated by a contract manager.
A contract manager can help businesses navigate the complex and challenging world of contract management. They can guide us in understanding the importance of contracts and how to manage them much more easily and efficiently, which will help us reduce costs and risks.
In short, contract managers are responsible for ensuring that all the steps of a contract management process are completed and that our agreements are legally binding. After all, what’s the point of having contracts in the first place if we’re not compliant with the law?
And consider this – with a contract manager, we won’t have to worry about legal matters anymore! Or at least not at the level we would’ve done it if we didn’t have a contract manager.
