Q1 Results. Life is good? or Hard to say?
Fast as that, Q1 2011 is now behind us. With the closing of the quarter comes the task of reporting, verifying, auditing, and many other things that let us know where we’re at. It’s like a scorecard. It’s also a time to look ahead at what’s around the bend.
Depending on the company and their systems and workflow process, the answers to the question of “How did Q1 go?” may vary significantly.
Legal in one company may be frustrated because the renewal process brought to light a set of clauses that need to change immediately. They are now in the process of updating these clauses. If they have a legal library, this is quick and simple — one change and you’re done. If they don’t have a legal library or some well defined system for handling clauses, they may have to complete the update one template at a time. Additionally, they need to understand what exposure they have with existing contracts that have the old clauses. How quick and simple this process is depends on their contract system. Could be a push of a button, or could require an army of administrative help. Hard to say.
As for sales in another company, who knows, maybe they’re loving life because their contract system gives them visibility into the past and streamlines the contract initiation phase. For renewals, the ability to take a peek at what transpired last time is a huge advantage. Those past negotiations and contract changes are all there for review, making the renewal process infinitely more efficient and effective. And, for all those transactions they executed during the quarter, they’re practically giddy over the smooth and quick cycle of initiation-to-execution. No black-hole approval processes. No confusion on what clauses can and cannot be included. No re-inventing the wheel. Life is good.
We hope life for you is good. But, if you’re company needs to improve your scorecard with a rules-driven, compliance solution to manage obligations and mitigate business risks click here to contact us and schedule a product demonstration.