When I started my career, our tools were filing cabinets, index cards, a book of contract terms and a variety of templates referencing the book.
Today, they can be anything from a simple electronic storage system for contracts through to either a partial or fully-automated contracting life-cycle solution. In some cases they can replace many of your legal team members in assessing agreements, identifying inefficiencies and compliance. All major ERP solutions offer the ability to optimise the contract negotiation process today because it has the potential to improve the profitability of an organisation very significantly.
Our function should be becoming more strategic, as opposed to tactical, and therefore we need to act in a strategic manner. We don’t want to be caught up in processing small value procurements, that can be automated. Any job that is repetitive in nature is crying out for automation.
How could a contract toolkit help? Read More