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10 Predictions about Contract Management in 2014 describes trends in risk management, compliance and contracting.
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10pre
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ContractM a n a g e m e n t
Contract AnalystContract Management Simplified™
10260 SW Greenburg Road, 4th floorPortland OR 97223
503.535.8800www.ContractAnalyst.com
Contract management will move beyond expiration date tracking.
Expiration dates only scratch the surface of risks and opportunities associated with contracts. Performance obligations, legal policy exceptions, and contract portfolio analysis deliver real value to the organization.
1
Contract Managers will take on more compliance duties.
Compliance now dominates large and small businesses in every industry. Compliance is everyone’s responsibility, because the organization is at risk. Contract Managers have a vital role to play in tracking external legal requirements.
2
Senior management will focus on the contract portfolio.
The contract portfolio is the entire body of contracts that create the infrastructure for income and expenses; assets and liabilities. Management doesn’t have time to review one contract at time. They need a window into the contract portfolio.
3
Commercial contract management will increase in importance.
Contract management used to be reserved for government or public contracts. The professionalism and discipline that contract managers offer will benefit commercial contract management.
4
General counsel and corporate paralegals will become active in contract management.
In house lawyers face a broader movement to become risk managers and compliance officers. Lawyers strive to remain connected to operations so they can spot issues. Contract management is a powerful tool for lawyers and paralegals to discover hidden risks.
5
Organizations will insist on easy implementation of contract management software.
Too many contract management solutions die on the vine because the technology requires too much configuration. No one has time for the “Tell us what you want” approach from vendors. Contract management software must be configured for immediate impact.
6
Contract details will influence the entire organization.
With better tracking and management of contracts, contract managers, lawyers and paralegals can increase the visibility of requirements without forcing everyone to read the contract.
7
The risk register will become a routine part of contract management.
To make a significant difference, contract managers, lawyers and paralegals will provide organizations with a risk register, an inventory of legal and compliance risks. This inventory will focus the organization on the highest risks to success.
8
Automated, scheduled contract portfolio reports will become routine.
The risk register and the contract portfolio cannot improve the business if they sit on someone’s desktop. Contract management software will need to deliver robust reports automatically and routinely.
9
10Business lawyers will offer contract management services.
The competitive landscape for legal services and outsourcing are changing dramatically. Outside business lawyers are left in the dark after a contract is executed. Business lawyers improve client relations by providing contract management services.
Contract AnalystContract Management Simplified™
10260 SW Greenburg Road, 4th floorPortland OR 97223
503.535.8800www.ContractAnalyst.com
