If you’re saying “huh?”, that’s not a good sign. Contract lifecycle management – similar in nature to software asset management and is, in fact, part of SAM – is the practice of managing a software license agreement contract from initiation through award to compliance and renewal. You need a good system in place to ensure that deliverables and milestones are reached based on contractual obligations. By having a solid process in place – whether you partner with an expert matter consultancy or manage it in-house – the objective is to mitigate risk and liability caused by non-compliance.
7 Reasons to implement a Contract Lifecycle Management program:
1- Leaving dollars on the table because you have not enforced the negotiated terms with your software vendor
2- Reducing costs and decreasing contract administration
3- Creating a proactive approach to understand your contractual assets to avoid litigation for non-compliance
4- Delivering greater value to your customers (both internal and external)
5- Saving expenditure dollars (short-term and long-term)
6- Significantly decrease wasted time searching for contracts, schedules and file notes
7- Changing the role of contract administrator to contract manager.