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Introduc5on
Thetop5challengessurroundingcontractmanagement
5pathwaysforsuccess
Thebenefitsofgoodcontractmanagement
Thefutureofcontractmanagement
Whatwe’llcovertoday
Introduc5onNewtechnologyisrapidlydrivingthedigi5za5onofcontracts,andtheneedtosearch,retrieveandanalyzedatatoextractthevaluewithinthosecontractsisfosteringsignificantchangewhenitcomestocontractlifecyclemanagement.
Ascontractmanagementgoesfrom'luxuryitem'to'musthave’,weexaminethechallengesandsolu5onsfacingorganiza5onsembarkingonacontractmanagementlifecyclestrategy.
ofallbusiness-to-businesstransac5onsaregovernedbysomeformofwriKenagreement.Ins5tuteforSupplyManagement
60-80%
Top5challengesThe5greatestchallengessurroundingcontractmanagement
Volumeofinforma2onFormanyorganiza5ons,contractsarescaKeredthroughoutthebusinessonharddrives,centralserversandfilingcabinets.Orinmanycases,thedetailsofanypar5cularcommercialcontract’stermsarelodgedinthememoryofthelawyerswhoworkedonthetransac5onandnotwithintheorganiza5on.
Managingrisk(regula2on,complianceandli2ga2on)Astheregulatorylandscapeevolves,sodoestheneedforsophis5catedmethodstostaycompliant.Reportsof'compliancefa5gue'areemergingasbusinessesfailtokeepupwithchangesinregula5on.
Resources(humanandtechnical)Thegrowingneedtomanageriskmoreclosely,provideday-to-daylegalexper5seandfirefightanyexis5ngdisputes,aswellasprovidevaluebacktothebusiness,meansGeneralCounselsarestretchedtotheirlimits.
Top5challengesThe5greatestchallengessurroundingcontractmanagement
Seniormanagementandcross-organiza2onalsupportNodepartmentlivesinisola5on,soacollabora5veeffortbetweenlegal,procurement,salesandfinanceisrequired.Ifthesefunc5onsdonotcooperatetoachievecommonobjec5vesforcontractmanagement,anychangemaybesuperficialandineffectual.
DemonstrablevalueGCsinpar5cular,likemanyseniorfigureswithinanorganiza5on,areunderincreasingpressuretoinventnewprocessesthathelpsavemoney,andtouseinnova5vemethodstoensurebudgetsaremaximized–doingmorewithless.
Thesolu5onThefirststepinfindingasolu5ontothesecontractmanagementchallengesistoworkoutwhereyourorganiza5onsitsontheContractLifecycleMaturityModel.
Tohelpourclientsvisualizewheretheysitintheir'contractjourney',weliketousetheContractManagementMaturityModel(CMMM)asaroadmap.Weencourageyoutoviewthemodelnotasara5ngmechanism,butmoreasacon5nuousimprovementtool.
Toknowmoreaboutthemodelvisitbit.ly/exigen2nfographic
Step1Aim,thentakeac2on
Withanunderstandingofthelevelofcontractmanagementcapabili5eswithinanorganiza5on,thenextprocessistoworkoutwhattheaimofacontractmanagementstrategyshouldbe.Thecontractteamneedstoapplytherightresources,attheright5me,todelivertheop5maloutcomeforthebusiness.
Step2Getthepriori2esstraight
LegalteamsshoulduseariskandopportunitymatrixtobreakthecontractporXoliointocontracttypes,andthenapplyaweightedscoringmethodologytoeachcategoryofrisk.Applyingariskandcompliance-basedassessmenttocontractswillavoidtheneedtodealwithallthecontractsatonceandtreatthemallthesame.
Step3Developtheinternalculture
Greaterinvestmentneedstobeplacedincrea5ngcontrac5ngcompetenciesthatworkwithinaconsistentframework.Thisframeworkneedstobecompa5blewith,andhavethecapacity,agilityandflexibilitytosupporttheoverallbusinessstrategyandopera5onalobjec5ves.
Step4Progresstheprocessandworkflow
Legalfunc5onsneedtodevelopandmaximizeabalancedandstandardizedcontractmanagementprocessbasedonestablishedbestprac5ces.Improvedprocessesandworkflowsreduceinternalcostsandincreasetheunderstandingofanorganiza5on’srevenuestreamsandsupplierspendbythelegalfunc5on.
Step5Gettechnical
Thetechnologyshould:• havethecapabilitytogatherandstorecurrentrecords(includingcontractandothertemplates)
Step5Gettechnical
Thetechnologyshould:• encompassacentralrepositorythatcan:
• provideandallowmanagementofahierarchyofuseraccess;
• provideappropriateversioncontrol;• allowinforma5onandaccesstobesharedgloballyand/oracrosscertainregions,whilecomplyingwithregulatoryrequirementsandprivacyconcerns;and
• besupportedeasilybyITstaffandideallybea'plug-and-play'solu5on.
YourcontractporXolio,ratherthanbeingariskorliability,isinfactavaluableasset.Whendeployinganeffec5vecontractmanagementstrategy,anumberofbenefitsaccrue.
Financialandvaluegains
Reducedrisk
Improvedcommercialdataanaly5cs
BeKerdeploymentofresources
$ +
!
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ThefutureVisionarycompaniesarealreadylookingtoinvestmoreincomprehensiveanaly5csthatincludebothlegalandcommercialdata,whichinturnshouldbecomparedacrossaporXolioofcontractswithvariousvendorsandindustrydata.
Businesseswillminimizeandeliminateproblemsby:• understandingdevia5onfromcontrac5ngforms• apprecia5ngevolvingtrendsdevelopingwithincontracts• assessingproblemareaswithincontracts
ThefutureThefirststepinthejourneytothisanaly5calandinsighXulfutureistoembarkonacontractmanagementstrategythatempowersacontractteamorlegalfunc5ontoputadefinedstrategyinplace,andhaveapplicableresourcesandbest-in-classprocessesandsystemsatitsdisposal.
DOWNLOADTHEWHITEPAPER
Astheeconomicandbusinesslandscapescon5nuetobeuncertain,theneedformoreobjec5vedecision-making,basedonanalysisandfacts,willincreaseexponen5ally,reinforcedbythecomplexityofcontracts,theincreaseinli5ga5onanddisputes,andtheneedtomanageriskmoreeffec5vely.
Findasolu5ontothesecontractmanagementchallengesinourwhitepaper,HowGCscanthrive,notjustsurvive.
Aboutus
Today’sbuyersoflegalservicesdemandalterna5vemodelsmatchedbyarangeofvalueproposi5onsthroughtechnologythatiseasytounderstand,adaptableandsupportedbyhumanintelligence.Theseareexci5ng5mesinthelegalindustry.Exigentpridesitselfonprovidingtherightsolu5onthatdeliverstangibleresults.
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