DO THIS
Consider purchasing and implementing a contract lifecycle management (CLM) system. If you cannot afford one, consider using templates and tools to track contracts and vendor relationships until your organization can.
NOT THAT
Lament the fact that your organization has not yet purchased one and do nothing.
WHY
A CLM system is not an automatic fix to all that ails your company. Often times, companies experience problems with contract management not because of a failure to automate.
Companies experience problems because of an internal failure to develop and implement solid manual processes.
If you take the time to create robust policies and procedures, create templates, and maximize the use of manual tools available to you, you will find yourself one step closer to successful implementation of a CLM system when the time finally arrives.
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