Various departments throughout the organization need vital information from Contracts and it is almost always time sensitive and with little notice. While a data call may not always be “urgent,” a lack of proper tools and resources can lengthen the necessary lead time.
What are some of the best and most innovative ways for interfacing with internal stakeholders?
- Automate. Implement an automated contract lifecycle management system to quickly respond to data calls. It will reduce the amount of time and stress endured by the Contracts department, as well as the potential risk for inaccuracies produced by a manual system.
- Centralize. Create a centralized, standardized, integrated data repository. If every department is pulling from a different spreadsheet and/or standalone system, it becomes a game of telephone, which can result in miscommunication, damaging mistakes, and compliance risks. The Contracts department provides a single source of truth for vital financial reports. A contract lifecycle management system is just as important as a financial management system.
- Quantify. Make it clear to senior management the amount of effort involved in addressing all the requests from internal customers and the potential risk associated with a manual system. Quantifying time savings, cost avoidance, and risk management will help make your business case for an automated system or, at least, help to set expectations with fellow colleagues. Determine what metrics are important to your company (ex. Days Sales Outstanding) and begin to track against them.
To learn more about the key takeaways from our recent Executive Roundtable panel discussion, “The Fourth Dimension: Emerging Finance, BD, and PMO Interfaces with Contract Management,” click here to download the free whitepaper.