With most organizations maintaining thousands of contracts it is easy to let contract management fly under the radar unchecked leading to missed renewals or failure to comply with laid terms or payment obligations. Periodic contract monitoring is necessary to figure out any issues in your contract management process, identify bottlenecks, unauthorized access, and revenue leaks.
Contract management software makes auditing easy, and it does save a lot of time, however, with or without a CLM solution you should implement a contract management audit process to ensure that the processes in place are carried out with maximum efficiency. When done well, it empowers the organization to receive the highest value from contracts and build strong customer relationships.
Download this infographic showcasing all you need to know about contract compliance audit to prepare your organization for their next auditing process.