A typical approach to contract lifecycle management depends primarily on human procedures to fulfill contract-related duties and activities. In firms with a limited volume of contracts, using email reminders, spreadsheets, wet signatures, and other manual methods may not significantly reduce productivity or raise risk. Manual contract administration, on the other hand, is doomed to fail in firms that continuously work with enormous numbers of complicated contracts. You'll find various inefficiencies, bottlenecks, and areas of risk potential, especially when it comes to contract renewal. Outdated ways of contract renewal will hinder risk management, thus we advocate using a different technique for your renewals. Get complete visibility into your contract lifecycle and keep track of contract renewals and expiry with contract renewal management software.