Virtually every organization in every industry has contracts to manage. More than ever, there are increasing opportunities to drive value with the contract management process by improving communication, negotiation, conflict resolution, leadership, and technical capabilities with the right contract management tools. Each contract manager’s challenge is to get buy-in on contract process improvement initiatives.
Leveraging Contracts for Organizational Success
High-value contracting involves a strategic contract management process focused on the entire contract lifecycle and alignment with organizational strategies and goal attainment. With increasing demand for contract management professionals to improve productivity and efficiency while effectively meeting contract management KPIs and managing regulatory risk, it is more apparent that a manual approach to contract management cannot support the entire process from the pre to post-award stages.
Contract managers are eager to find a way to stop losing contracts and missing renewals, reducing contract cycles, decreasing risk and compliance issues, and improving the negotiation and approval process. The cost of these issues is far-reaching with wasted time, money, and opportunity.
To stay competitive, profitable, and compliant, organizations must master contract management by integrating contract management software to:
- improve productivity
- provide accurate contract data for analysis
- make drafting and negotiating fast
- increase compliance
- reduce risk
- stop revenue leakage
Frontline contract management professionals can easily see the technology gap within their department or organization and the benefits contract management software can provide. Simultaneously, contract management professionals may struggle to show the positive impact of contract management technology across multiple departments and concisely express the value document transformation, contract AI, contract automation, and complete contract lifecycle management offers to decision-makers.
Getting Buy-In for Contract Management Software
The way new technology is presented for purchase consideration will determine the probability that the investment will be approved. Show decision-makers the value that an improved contract management process will provide to the organization by carefully analyzing the way contracts and documents are currently being managed. Identify process bottlenecks, contract variations, red flags for risk, missed opportunities, desired software features, and implementation requirements.
Consider multiple contract management software vendors and determine how the software will eliminate inefficiencies while providing tangible value. Live contract management software demos will let you see a solution in action, but when available, take a free trial to see how the software will work with your specific contract process.
Once you complete your in-depth research and narrow down your provider options, create a story that will help decision-makers see the value and ultimate vision of the software. Show how the software will address pain points and alleviate challenges. Outline a long-term strategy for an implementation timeline and contract management software ROI evaluation.
Depending on your role, and the role of the decision-maker, make your case for contract management software in a way that makes it evident that the investment will help the decision maker achieve the goals he or she cares about most.
Does the executive need to know the business environment and potential risks? Is he or she looking to cut costs or enter new markets? Does your organization’s client list require expansion?
Effective contract lifecycle management can support all these initiatives and more, but your challenge is to present the benefits of contract management software in a way that shows value beyond your daily tasks.
Translate the value of contract management software into a story that appeals to your organization’s decision-makers. Download “Making a Case for Contract Management Software” today to learn how.