Effective contract management might be companies’ greatest performance tool: according to a review by McKinsey, most businesses have a vast majority of their annual revenues tied to contracts with suppliers and vendors (in some industries – specifically, the utilities, aerospace and defense, and food manufacturing sectors – that number is as high as 90 percent).
Delegating contract management activities to your non-lawyer professionals has a variety of advantages, but it needs to be planned deliberately and strategically. The right delegation strategy can help your reimagine workflows, empower staff, and alleviate drudgery by delegating legal contract responsibility to non-lawyer team members while still maintaining control and mitigating risk.Read More
Sometimes, managing a legal department can feel a bit like a high-stakes round of whack-a-mole. Clients must be handled. Contracts need to be signed. Payments and finances must be monitored. Above it all, diligent oversight and a proactive strategy must be maintained.Read More
According to a recent review by McKinsey, contracts with suppliers and vendors represent the vast majority of companies’ revenues. In fact, within some industries – including utilities, aerospace and food manufacturing – revenues associated with contracts can make up as much as 90 percent of total annual earnings.Read More
Contract managers and project managers are integral members of many business teams. Although their roles and responsibilities are similar, and in some instances may even overlap slightly, these are distinct positions requiring unique knowledge and skills. For simple contracts and projects, it is often possible and economical to utilize one team. However, for more complex endeavors, it is generally best to rely on separate teams with content-specific expertise. Here are some key differences between contract managers and project managers.Read More
With contract portfolios for large companies extending into the tens and even hundreds of thousands of documents, effective contract administration is predicated on an organized, proactive approach. But even if your contract administration process seems to be working reasonably well, putting some thought into how to further optimize it further can reap significant benefits: according to the International Association of Contract and Commercial Management, more effective contract management processes can help companies grow profitability by nearly 10 percent annually.Read More
Technology is transforming broad aspects of business operations, and the area of contract management is no exception. Artificial intelligence or AI, where computers utilize data to help organizations make more efficient and informed decisions, is one such area. For example, AI has the potential to improve the speed and effectiveness of contract drafting by analyzing past contracts and identifying useful clauses and terms applicable to new contracts.Read More
An effective contract management strategy is designed to help your organization reap the greatest benefits – and reduce risks such as penalties or lost sales – along the way. But if you’ve ever questioned whether your current strategy, and the contract management software you’re using to support it, are delivering the full benefits you're hoping for, you wouldn’t be alone: according to the International Association of Contract and Commercial Management (IACCM), just one third of sales people believe their organization’s contract management process is effective at maximizing value and minimizing risks.Read More