Most organizations today manage their contract management function through a combination of skilled lawyers, processes (either manual or automated) and contract management technology (ranging from simple contract repositories to sophisticated enterprise contract management systems).
Often, organizations manage contracts in silos, with each business unit utilizing its own systems, language, workflows and processes.
The focus needs to shift from contracts management as an operational, administrative function to building a strategic contracts and commercial excellence function.
Effective contract management requires a multidisciplinary approach with multiple functions and business groups involved in driving an optimized contract life cycle.
1. Poorly optimized processes and manual inputs lead to human error, stagnated contract cycles, limited process control, minimal risk management and limited visibility into contract performance.
Result: Missed obligations, unachieved negotiated terms, reduced revenues, increased costs and low compliance.
2. Lawyer resources are misused in editing outdated provisions and terms or managing a high volume of nonstandard terms.
Result: Bottlenecks and delays.
3. Legal manages risk for the organization but often lacks visibility into contract terms, obligations and value. “Visibility” is not just the ability to locate contracts; it is also the ability to track changes and amendments and to assess how the deal has changed over time.
Result: Risk management is adversely impacted.
An integrated contract lifecycle management framework addresses these key challenges, delivering more efficient governance, reduction in risk, compliance management and reduction in operational costs and improving operational performance.
Conduct a contract management maturity assessment to develop a blueprint.
Set up a contracts management program and framework.
Implement a contract management system.
Develop a structure and process for ongoing contracts management.
Morae Legal has a unique integrated contract lifecycle management solution that can be tailored for your organization and oriented around your goals, your priorities, your challenges and your environment.
Reach out to us to understand how Morae Legal can help you build and manage a world-class commercial and contracts excellence function.
Teju has over twenty years of experience in the technology and legal outsourcing industries. She co-founded a disruptive legal outsourcing company and was responsible for strategy and building new lines of business, building and scaling the IT, training and development, project management and quality functions. She has significant experience in developing managed legal services solutions and has deep expertise in contracts lifecycle management solutions - from contract management technology evaluation and implementation to ongoing managed services. Prior to joining Morae Legal, Teju was at Intel Corporation, Sun Microsystems (Oracle) and most recently served as Co-Founder and Vice President at Mindcrest.