Effective contract management is a key fundamental to running a successful government contracting business. Establishing effective contract processes to manage, track, and deliver on your contractual obligations is imperative. If not handled properly, your business can become vulnerable to potential penalties and fines due to failure in legal compliance or struggle with higher operational costs due to 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 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, and communicating with subcontractors and other vendors. It also 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), Deltek 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 to digitally transform the entire contract management process with a single solution that connects business development to finance to reduce operational costs, improve communication, and negotiate better contracts.
Learn more about managing your GovCon contracts effectively in our on-demand webinar, “Effectively Manage Your Contracts with Deltek Costpoint Contract Management.”
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