Most enterprises today suffer from a sub-optimal contracting process. It is not for lack of a lot of hard working, well intentioned legal and contracting professionals. Achieving contracting excellence is hard.
As I posed in an earlier blog, to do contracting well you need to nail all 4 key pillars:
- an optimized contracting process;
- market leading content (templates/playbooks) to enable/accelerate the negotiation process;
- end-to-end CLM tool, that includes searchable repository and robust reporting/analytics; and
- skilled people, who need to embrace and maximize use of technology.
Getting all 4 pillars simultaneously implemented has been elusive at most enterprises. Some have very capable teams and have fixed their processes but don’t have an adequate technology solution.
Other companies invest heavily in technology to only see implementation costs soar and suffer from spotty adoption. Still other companies lack the necessary resources due to budget constraints.
An innovative solution to the above is to consider a managed service contracting solution that offers all 4 elements needed for contracting excellence (process, content, technology and people).
Such a solution needs to be high quality, cost effective and rapidly deployable.
The legal or procurement team of a large enterprise can also ensure it has full control and visibility over the deliverables of such as service (i.e. approves risk profile, templates, non-standard term, etc…).
Essentially a company still maintains full control over its contracting process but yet avails itself of a service to dramatically improve contracting and drive tangible business results.
To see how such a solution would work in practice, please click here .
Gabriel Buigas is Senior Vice President of Global Strategy & Client Solutions for UnitedLex. UnitedLex partners with ContractRoom on end-to-end contract lifecycle deployments with the Fortune 500 - with a combination of advanced technology and services that simplify the contracting process, enhance decision making and improve business outcomes. You can learn more about each at the following: unitedlex.com and contractroom.com.