If I Only Knew Then What I Know Now
Ever had this happen to you? A client and the subsequent contract pretty much says the deal will go this way. But then you figure out, a while later, that the deal really isn’t going that way and the gray areas are perpetuating the problem. Or worse, you don’t ever figure it out because you have no real idea what’s in the contract, but that isn’t stopping you and the company from getting the short end of the stick.
The average Fortune 500 company manages 20,000 to 40,000 contracts at any given time. If you’re responsible for managing these thousands of contracts, you can fill in the blank: This is a whole lot of ___________________. Work? Confusion? Stress?
At the most basic level, you want to use the data you have in your contracts to get a decent understanding of your stated obligations and the challenges and/or risks they bring. Beyond that, you likely want to create a collaborative effort in reviewing and understanding the data, particularly when it comes times for a milestone review, audit, or renewal. Giving intelligence to functional experts can be a real breath of fresh air for taking your organization to the next level — “I know what I know but I don’t know what you know, and it turns out, what you know is really helpful.” Think of the time and money you will save. Think of the competitive advantages.
Wouldn’t it be great if your contracts were communicating with you all the time? If they were letting you know they need attention or you’re about to miss out on a really good thing. At renewal time, wouldn’t it be wonderful to have them sit down with you, one-on-one and have a real heart-to-heart about how the last cycle went and what could be done to improve the overall relationship?
Yes. Giving a voice to your contracts. That’s an interesting and achievable goal.
If you’d like to know now what you need to know. through a rules-driven, compliance solution to complex contract management problems, click here to contact us and schedule a product demonstration.