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Contracts encapsulate the entire process – right from contract negotiation to drafting to signing the contract to running the business within the purview of the contract.
Contracts are a lot like movie scripts that give substance and provide a framework for the procurement teams to conduct business. Just like if the script is not well written and adhered to, the movie would not be a pleasure to watch, if the contracts are not well defined and adhered to, the business dealing would suffer.
Why did Batman & Robin fail at the box office?
(Don’t get confused we are still talking about Contract Authoring!!)
Movies like Batman & Robin (1997), Gigli (2003), etc. had it all – great actors, best of the directors and production house, extravagant budgets, yet they lacked one thing i.e. a good script which ultimately resulted in the demise of the movie.
Big corporations have projects which run into billions and are helmed by best of the leaders in the industry. Yet many businesses have contract management systems that are marred by poor contract drafting and management capabilities.
Organizations often rely heavily on MS word to write the contract and emails to collaborate with concerned stake holders i.e. the legal team, procurement executives and the suppliers for finalizing the contract. This process is often time consuming due to constant back & forth and also prone to error as many times the change may be lost in different versions of the word document that is doing the rounds. This simply results in a longer contracting cycle.
Technology when picked and used correctly makes the authoring process simple and time efficient. Technology is that camera, using which the procurement function can shoot or in our case help author a good contract.
In the next blog post we will talk about what should procurement executives look for in the contract management technology?
Related Read:
- Blog – Ultimate Guide to Contract Management: Benefits & Best Practices
- Blog –5 Reasons Why You Need a Contract Management Software
- Blog – These 5 Contract Management Best Practices can do Wonders!
- Contract Management Software
- Analyst Report – Contracts as a Connector – The case for improved contract management
- White Paper – The Why, What & How of Contract Management
