Solving Contract Management Challenges: Is Your Team Ready?

Lizzy Painter of Malbek reports that contract management challenges have become much more complex in recent years. Organizations are handling a surge in contracts, stakeholders, and regulatory demands that are affecting every department, from legal and procurement to sales and finance. On average, medium- to large-sized enterprises manage contracts across 24 different systems, and some are stretched thin trying to track agreements across more than 100.

The result is missed deadlines, overlooked clauses, and poor oversight of suppliers. A single missed renewal window can trigger unwanted auto-renewals, while nonstandard contract language can slow negotiations and increase legal exposure. Compliance with regulations like the General Data Protection Regulation (GDPR) and Environmental, Social, and Governance (ESG) reporting only adds to the pressure.

To reverse the trend, organizations are turning to modern contract lifecycle management strategies built around three pillars: centralization, automation, and intelligent contract management. Centralized repositories create a single source of truth, automation streamlines workflows and approvals, and AI-powered analysis extracts insights hidden in contract data. Together, these approaches reduce cycle times, increase accuracy, and turn contract oversight into a proactive discipline.

Effective contract management begins with clear accountability, knowing exactly who is responsible for what, and when. Whether ownership sits with a centralized team or is shared across departments, defined roles are essential to keeping contracts on track. Responsible, Accountable, Consulted, and Informed (RACI) matrices clarify ownership across the contract lifecycle. 

In addition, training and change management help teams adopt new tools and methods effectively. Furthermore, tracking key metrics—such as cycle times, compliance, value leakage, and stakeholder satisfaction—ensures continuous improvement and accountability in contract management.

The future of contract management promises even more powerful capabilities as technology continues to advance. Predictive analytics and integration between contract management systems and other enterprise platforms are on the horizon. The key, however, is simply to start. Whether it’s centralizing contract storage, automating renewal alerts, or introducing AI-driven analysis, each step builds momentum for the next.