Contract creation and management is an administration tool that offers effective information management techniques in an organization. The activities of any corporation are undertaken as projects, every project has it timing and requirements thereby requiring a unique type of management that is only achievable through contract creation and management.
Information management is a key component in the successful implementation of these projects. However, information can be very difficult to manage given the current technological developments and proliferation of hackers in the digital information management systems.
The information in a company must be stored safely free from any unwarranted access by unauthorized personnel who may be potential competitors to the projects of the firm. Ease of access, retrieval and manipulation of the information must be guaranteed while at the same time the system must promise security and veracity of the data stored in it (Cross et al, 2012).
Minutes, correspondence, logos and daily reports are examples of pieces of information that are difficult to manage in companies. It is very easy for an internal memo to find its way out of the company or the minutes of a board meeting to leak out. With an effectively managed contract, these can be prevented. Such components of the contract as Critical Path Method (CPM) offer efficient ways of preventing delays.
The activities of any manger must be scheduled so that they are carried out in time, this helps reduce costs of undertaking the activities and minimize the risks of losing a potential client. The schedules help plan and coordinate the activities thus mitigate delays.
In instances where delays are unavoidable, the CPM gives proof and entitlement to a time extension and delay damages (Kathleen & Bruce, 2001), this way, another different activity can be slated in the delay duration thereby resulting in no loss for the company and effective time management.
Change is another aspect of an organization’s operation that if poorly managed, can result in huge loses for a company. Managers retire, newer markets get determined and better brands get introduced, however these fail to be seamlessly carried out they may result in breakdowns and negative receptions by employees thus stalling the operations of the company.
The contract system provides for change management. A change order request in corporation with the CPM ensures that changes are correctly scheduled and their possible damages calculated and recorded. Therefore, when they eventually get undertaken, the firm does not record any loses (Cheeseman, 2013).
A university is a perfect example of an institution that may employ the use of a contract management system. Private universities exist to make profits, the introduction of a new course or the expansion of a campus can be some of the examples of undertakings by the university that are geared towards increased profitability. A competing organization can easily steal such ideas and get an upper hand in the market.
Such projects therefore, must be guarded very jealously despite the fact that they get undertaken in the open and in the full glare of the general public.
With appropriate scheduling and change management, the entire university fraternity gets accustomed to the developments and manages its finances effectively to ensure that all the inconveniences caused during the implementation of the new ideas do not result in monetary loss for the institution.
Cheeseman, H. R. (2013). Business law: Legal environment, online commerce, business ethics, and international issues. Upper Saddle River, N.J: Pearson/Prentice Hall.
Cross, F. B., Miller, R. L. R., Cross, F. B., & Cross, F. B. (2012). The legal environment of business: Text and cases : ethical, regulatory, global, and corporate issues. Mason, OH: South-Western Cengage Learning.
Kathleen, M. J., & Bruce, P. E. (2001). Claims Avoidance Techniques: Best Practices for Contract Administration. New York: Harmon/York Associates Inc.