Effective contract management is one of the key fundamentals to running a successful government contracting business. It is imperative to establish effective contracts processes to manage, track and deliver on your contractual obligations. If not managed properly, your business can become vulnerable to potential penalties and fines due to failure in legal compliance, or struggle with higher operational costs as a result of inefficient contract processes.
Contract Managers are often challenged to locate contract information in both the pre-award and post-award process. Contract information is usually stored on shared drives, physical paper in filing cabinets, spreadsheets or in a document management application making it more time consuming to quickly locate important contract details. This slows down the process of responding to data calls from contract officers, providing contract status updates within their company, communicating with subcontractors and other vendors and makes the process of identifying binding FAR/DFARS clauses on contracts very challenging.
To help Contract Managers organize contracts in a single place, have more accurate records of FAR/DFARS clauses and help track other compliance issues like Organizational Conflicts of Interest (OCI), Costpoint offers an integrated Contract Management solution that supports managing all of your contract data from opportunity identification to contract closeout. Unlike other contract management solutions, Costpoint Contract Management is the only solution designed for government contractors that can digitally transform the entire contract management process with a single solution that connects business development to finance in order to reduce operational costs, improve communication and negotiate better contracts.
To learn more on how to effectively manage your GovCon contracts, join us for our contract’s webinar on July 15th at 2:00 pm EST!