As the pace and complexity of business increases so does the requirement for up-to-date contract information.
Large scale strategic reviews of existing commercial contracts, whether driven out of corporate transactions (mergers, acquisitions or disposals), regulatory restructuring or the need for a more rigorous approach to obligation management are key to ensuring that your business can harness and monetise contract data properly.
However, running these contract projects can be a real business challenge. All too often companies embark on large contract projects without proper foundations, without a process for evaluating, monitoring or measuring the project, without clear goals or objectives, without appropriately skilled resources or controls and without a clear plan to maximise the benefit of undertaking the exercise in the first place.
It is vital that GCs and Procurement should have a key voice in setting the right strategy as they will inevitably have a critical role in executing that strategy and living with the consequences. Getting a contract review project to deliver on its promise and drive business growth requires clear focus and planning.