Note to Self: contract management – must do better

Getting better at managing the whole lifecycle of your contracts is one of those perpetual topics that keep creeping to the top of most CPOs’ ‘must do better’ lists. But many a time it gets pushed back down a rung or two as other more ‘pressing’ or more ‘topical’ projects take over. But it doesn’t hurt to remind ourselves why we have it so high on our To Do lists in the first place – it’s easy to forget that something that we think can just bob along and take care of itself is actually something that is capable of adding far more value if we just invest a bit more time in controlling it.

So automating contract management processes, the importance of doing that and the consequences of not, is going to be discussed in our webinar later this week with Wax Digital. We all understand the risks and time wastage of having supplier contracts locked away and untouched until renewal time (if we even remember when that is), and the pain of not being able to find terms, clauses and agreements we knew where in them at the beginning. Worst of all we all understand the dread of not being able to find a contact at all.

But it’s not just the doom and gloom of mismanaging contracts that we want to talk about – it’s the opportunities and added value that structured, transparent and automated processes can bring. There are heaps of commercial opportunities hidden in well managed contracts that if identified can add up to improved company performance. So for about 45 minutes I’ll be discussing this with Daniel Ball of spend management and eProcurement firm Wax Digital to give you the experts’ view not just on why automated contract management is an imperative at the moment, but why it’s an imperative for you.

A webinar with a difference

What’s different about this webinar, is that it’s about you and where your contract management capability sits in comparison with your peers – right now.

During this interactive webinar we aim to ask you seven questions (you can take part or just listen) which are carefully designed to ascertain your contract management performance levels from Budding Apprentice, to Agent of Change, to Emerging Champion, to Polished Practitioner. And once ascertained, recommendations are made to move you from one stage to the next.

Remember those magazine quizzes when you were young that asked you to answer yes or no to a question that took you through corresponding routes to a persona depending on your answer? Well it’s nothing like that … these are expertly designed questions to identify your current contract management position, the stage of CLM maturity you are at, and what you need to do to be better at it.

So for example – at the entry-level end, a score of 1-10 might indicate you have partly automated the process and have documented deficiencies and identified risks with your current contract management model, but might not have a solid renewal process or retrieval system in place. A score of 28-35 at the highest end, might mean you review your current processes annually against new best practice research from analysts, CIPS, or consultants and demo’d the latest tech vendor offerings. Of course there are many nuances of capability in between.

You might be asked for example:

  • Once an award is made do you have a clear online audit trail of contract approval? Or
  • Do you know how many suppliers your organisation has and how many are on contract who ought to be?

Once you have submitted your score, via the chat feature on the console, Wax Digital will take your response, analyse it and rank you anonymously, then feed back to you, personally, how your company ranks in maturity level against the other respondents. It will give you an excellent benchmark with which you can approach your stakeholders to gain better contract management buy-in.

We will also be giving you a chance to ask any contract management-related questions, about best practice, what’s at stake if you don’t have it, technology, ROI or anything else on your mind, and these we will answer fully in a further Q&A style webinar to take place a week later.

So – do join us with Wax Digital for 60 minutes of your time very well spent this Thursday 2nd April, from 2:00pm to 3:00pm BST, to discuss the importance of automating your contract management process.

Register for free here.

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