CONTRACT MANAGEMENT
Establishing a more effective RevOps model According to Bromley-Griffiths , without an effective contract management structure , a gap in value can arise over the lifetime of the contract , wherein the anticipated benefit at the start of the arrangement is gradually eroded over time . “ Effective contract management can help avoid this by enabling enhanced value to be derived from contracts ,” she says .
Digital transformation programmes are incredibly complex . Therefore , leaders should view these recent legislative changes as an opportunity to reassess and streamline their vital business processes . Rather than rushing digital change programmes , adopting new technologies , and scaling these initiatives at pace , leaders should instead be more strategic with their investments . She says : “ It is best practice to start off by reviewing legacy systems and establishing clear objectives prior to implementation , prioritising vital business processes .”
She points out that organisations need to think beyond how they incorporate technologies , such as contract lifecycle management , machine learning , and AI , into their contracting lifecycles , and how it can be managed from a company-wide perspective . “ Rather than approaching contract management in a vertical way , leaders need to consider how contracting technology , and contracts themselves , can be drawn up more comprehensively and collaboratively across different business functions .
“ It is also about embedding a pro-data culture throughout the organisation – from the board to the sales team . This itself can be challenging as the organisation must first establish a system to identify , assess , and manage risk exposure while ensuring they have the appropriate measures and technology in place that are aligned with clear business goals .” procurementmag . com 67