Self-service contracts let your employees make contracts without consulting legal teams. If you haven’t used self-service contracts or contract management software before, this may sound like a risky proposition. Don’t you need your lawyers to review contracts to make sure your interests are protected?
As technology evolves, companies must update their processes and software to remain competitive. This process of “digital transformation” can be applied very effectively to contract management, where the return on investment can be realized in the short-term, with potential for ongoing savings as more contract types and business units are included.
In Part 1 of this blog, we looked at three sticking points in the contract lifecycle that occur before signature. Understanding the contract lifecycle means identifying those sticking points and reducing friction so business gets done promptly but still safely under contract.
Here are three common sticking points that occur once the contract is executed.
Some business you can do with a phone call and a hand shake. But when your business depends on the outcome, you need a contract. Getting a contract in place (or acting according to its terms) creates sticking points. Understanding the contract lifecycle means identifying those sticking points and reducing friction so business gets done promptly but still safely under contract.
Organizations expect the benefits of contract management software and contract compliance to accrue to them. Their procurement team will gain in efficiency, shorten turn-around time, and reduce costs. Their attorneys will focus on unreviewed, contract-specific terms in high-value agreements instead of checking and re-checking boilerplate language in routine contracts.
For public utilities, contract management software can play a key role in the successful procurement.