The First Step in Contract Management Planning: Setting Goals and Strategies.
What task usually takes the most significant part of an attorney’s time? Solving uncommon legal problems? Advising clients to help them make better decisions and come out ahead?
How about all the reading and drafting and fine-tuning of documents and the completion of vast amounts of filing and other paperwork? Yes, you probably agree that is the right answer, too.
But wait a minute. Parley Pro is working our clients to make contracting life saner and less risky. The exciting new discipline of Contract Management Planning (CMP) is guiding our preparation and making clients feel more confident as they learn more.
The first step in a CMP process to get to a less overwhelming contracting world is the setting of goals and strategies. What could be better to start with?
Here’s how to go about it.
➤ First, write down all of your company’s business objectives. Even if you know them, get them on paper and organize them by priority.
Distill your CMP process into a journey with milestones. Set reasonable short-term goals for the first few months. Set intermediate goals for a year or two from now. Then set ambitious long-term goals for five years and beyond.
The strategies that will help you reach those goals will arise from your study and analysis of your existing contracting situation and the related workflows, stakeholders, roles, relationships, and current requirements.
➤ Next, interview your own company. Approach your coworkers and brainstorm. You have to ask yourself, and everyone else around you, ”What problem are we solving? Where are we going? And how does this technology reflect who we are when we get there?” The answers will result in your tailored approach for your own individual CMP path.
Want to learn more about Contract Management Planning and the pointed questions you will need to answer in this first step? Download our white paper on the four-step CMP process today.
Plus, watch a presentation by Parley Pro CEO Parley Pro Olga Mack about goal-setting and the rest of the CMP cycle in this video 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