Contract Management – a webinar for those not yet in love with it

On Thursday 2nd April, from 2:00pm to 3:00pm BST, we will be holding a webinar with Wax Digital to discuss the importance of automating your contract management process: Contract Management, Love it, don't Leave it!

According to the International Association for Contract & Commercial Management, many organisations are still using manually updated spreadsheets to manage their contracts or commercial agreements, and surprisingly in this day of automation and the huge availability of contract management software, more organisations use spreadsheets than an automated contract management solution. Given that dealing with contracts can make up about 80% of business activity for many firms, the amount of efficiency leakage speaks for itself. So why are firms not embracing digital contract management, when we know that manual processes are causing delays, increased costs and added risk?

As the IACCM states: “Automation in CLM is maturing fast and represents a major source of future value, offering a return on investment that far outweighs its cost. After many years on the periphery, contract management technology is starting to go deeper and broader into enterprise systems,” and that “the ROI – or return on investment – of CLM has been misunderstood. The latest applications offer not only major improvements in the efficiency of commercial operations, but also tackle the hidden value erosion that comes from overall weaknesses in the contracting process.”

When we talk about contract management, the first thing that comes to mind is often supplier contracts, but it’s important to remember that our agreements are also associated with employees, sales and so on. When considering supplier contracts, we also tend to focus our effort on the more strategic suppliers, and take big risks with the rest. The consequences of not managing all of our contacts in a structured and transparent way can be far-reaching. All professionals who work with contracts (and it’s not just Legal anymore) know the pain points of the time lost in searching for contracts, the possibility of lost or missing contracts, missing out on contractual terms and opportunities, letting contracts rollover without being alerting to revisit them, all of which can result in substantial risk for the entire organisation.

Controlling the whole life of a contract with an electronic tool not only brings huge efficiencies in process and limits value leakage, but creates a large amount of valuable information for the company to use in developing business operations. Important contract information held in these solutions is made visible and accessible where relevant for the whole organisation.

So in this 60-minute webinar, Jenny Draper, general manager at Spend Matters Europe, and Daniel Ball, founder of Wax Digital will talk about the real benefits you can expect from a digital contract management system, from ease of searching for types of risk or liability clause, meeting SLAs and improving supplier relations through transparency, to leveraging embedded analytics and gaining spend visibility, including maverick spend.

Following the discussion there will be time for audience Q&A, and one question we are expecting to turn up is whether to choose a suite provider or a single solution specialist – you can find out our thoughts on that when you listen in, along with:

  • Why good contract management is so important – what’s at stake?
  • Typical approach personas in procurement today – which one are you?
  • Best (and worst) practice use cases from your peers
  • The crucial role of technology to help you get contract management right
  • The ROI that invested contract management will bring – for you and the business

As Daniel Ball said: “Improving Contract Management processes is one of those perennial ‘must do better’ topics for many procurement professionals. You know the risks of having supplier contracts agreed and hidden from view, yet there always seems to be more pressing issues that stop you from introducing better controls. We’ve seen the risks of relying on a sticking plaster solution are compelling, as are the rewards of adopting something more programmatic, so this webinar with our friends at Spend Matters shows you exactly why you really should love Contract Management, and not leave it!”

Tune in by registering for free here

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