Building Your Contract Management Planning Team: What You Need To Know
Perhaps you and your colleagues in the law department have been tasked with ensuring Contract Lifecycle Management (CLM) technologies meet all of your organization’s contracting stakeholders where they’re at, rather than where you assume they may be. It’s not a simple task. And one that may seem daunting when you consider all the contracts you negotiate and execute arguably touch every part of your organization.
That’s why Parley Pro considers it absolutely critical to build a multidisciplinary team that will help you shape and reshape how you use CLM to best meet business objectives and provide feedback and perspective that better promote your organization’s values. In fact, it’s the baked-in third step of our four-step Contract Management Planning (CMP) process.
Now, did you know that Deloitte estimates that “low-value” tasks have traditionally taken up to 80 percent of an in-house attorney’s time? From this relative drudgery comes opportunity. At Parley Pro, we consider it our main mission to help attorneys and legal departments save and recapture their time. CLM technologies can shift your resources substantially to more “high-value” work such as developing risk management strategies. But you probably already understand that after completing the second step in the CMP process.
How good team implements new technologies?
So then how to build a “dream team” for implementing new technologies and tasks and make it all work most effectively? Here are our suggestions:
First, rely on those who prefer to be self-sufficient.
For your CMP team, start by recruiting leaders of individual departments, primary contract negotiators, and contract managers. They are the ones who will have familiarity with specific types of contracts and the most learned insight.
These people will be the ones who understand and share the value of CLM technology. It is extremely important to find soulmates in these people so your mutual work is effective.
Identify potential team members thoughtfully and carefully.
Ask yourself: Who might provide the best feedback on what works and what doesn’t?
Appeal to the specific needs of those people
What’s in this for them? Impress upon these prospective team members that they could play a crucial role in making their departments more visible and not bypassed in the workflow of contracts.
Remember this team will not only focus on CLM system implementation.
CMP focuses on business outcomes and business opportunities, not just on technology. This team serves a more global function. It will work to get the bigger picture of what works, what doesn’t, and what could work better.
Building a cross-functional will very likely have an effect on your organization that transcends Legal and potentially encourage team-building of all contours and missions.
Look for more recommendations to build your individual CMP strategy in our four-step guide on CMP and in a recent video from Parley Pro CEO Olga Mack below.
Step 1: Goals and Strategies
Step 2: Articulate the Value of CLM Technology
Step 3: Assemble Your CMP Team
Step 4: Identify Your KPIs