Here are some common contract management challenges associated with traditional or non-digital Contract Lifecycle Management Operations:
Lack of central repository or governance for contracts
Multiple final versions of contracts that differ or overlap
No mechanism for reviewing contracts during life
No process for managing disputes or legal requests
Informal processes for requesting new contracts or making changes
Transacting out of contract or without reviewing terms
Manual and weak processes for managing approvals – internal or external
Poor understanding and visibility of contract & SLA performance
No templates or standard T&Cs to simplify common or standard legal requests
Irregular or weak communications between the internal legal team and business teams
Business and operational teams are unsure who to get support from on legal issues such as contracts
No mechanism to proactively prepare for either supplier or customer contract renewals
No process for formally reviewing or supporting the creation of new contracts for either suppliers or customers
Unofficial contracts – i.e. contracts modified without qualified oversight and outside of templates, i.e. Contracts edited by sales without legal oversight
What’s your Contract Lifecycle Management challenge? – We offer No Obligation Free of Charge consultations to help your identify the right approach to digital Contract Management & Lifecycle Management for your organisation.
To find out more or to book a consultation, please call +44 (0)1962 835053, email enquiries@processflows.co.uk, or fill in the form below.
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