Understand how Enterprise Contract Management effects every department across the organization.
Several teams within every large organization handle contracts. But they approach contract creation and management from different perspectives and with different priorities.
Procurement is focused on supplier and supply chain performance, creating efficiencies and maximizing economies of scale where possible. The legal team seeks consistency of contract terms, formats, clauses, and exceptions. Finance is concerned with buy-side and sellside cost savings, working to exploit clause-based revenue opportunities while avoiding unnecessary penalties and renewals. And the sales team is always focused on speed, getting contracts signed as quickly as possible so the business can begin to profit from those deals.
And yet, these business teams have remarkably similar contract management needs.
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