July 24 by Jason Smith
A customer walks into hardware store and tells the sales person they needs a chainsaw. “I’ve got a lot of firewood to cut and my friend told me this would make it easier.” After looking at several options, the customer picked one they liked and took it home.
A week later the customer brings the chainsaw back to store. “I want my money back,” they told the sales person. “This dang thing didn’t make cuttin’ all that wood easier. In fact, it made it harder.”
“I don’t understand,” said the sales person, as they fired up the chainsaw to see if it was running properly. As the chainsaw started to roar, the customer asked, “What’s that noise?”
We laugh at this obvious joke, but it’s no laughing matter when we realize that law departments take this same approach to technology, over and over again.
Traditions can be a bad thing, right?
We get so comfortable with our traditional processes that we have a hard time seeing any other way to do our work. So, when a technology initiative comes along, we tend to approach it from the viewpoint of how we’ve always done the work and then set off to simply replicate that work in the new system, thinking it will somehow make things better. But through experience, most of us realize we’re not any better off… and in some cases, we are much worse off.
Therefore, it’s important to get your processes in the right place and allow the technology to enable them, rather than try to force the technology to improve your old, unchanged processes completely. And when you have addressed the processes, the right technology will make all the difference in your performance. Here are three ways to evaluate and leverage the right contract management technology to improve your productivity and compliance.
Contract Management Where & When You Need It
There’s a saying that’s been around for a few years now, that we live in a mobile, social world. Shouldn’t your contract management solution operate in the same manner? Your solutions teams are always on the go, visiting clients and prospects. They need a contracting option that’s not just mobile friendly, but one that can be operated without logging into a system. You need to be able to create or update contracts on the fly through normal conversations via channels like Skype, Slack and Text message.
Intelligent Contract Management Prescribes Actions that Deliver Outcomes
Modern law departments are stretched thin. Plenty of work, but not quite enough resources to do the work. A contract management system powered by Artificial Intelligence (AI), helps legal teams do more with less by capitalizing on the intelligence of the data within the system. Legal leaders can then deliver consistent results across the entire contract lifecycle, driving decisions towards corporate goals for accelerated deal velocity, cost savings and more.
Stacks of Firewood – Stacks of Old Contracts
Stacks of firewood is great to have around to help you through a long, cold winter. Stacks of old contracts house lots of great insights, but only if you can access them. In many organizations those old contracts simply take up file space, time and energy when you need to find something within them. Find the value in your old contracts, comply with new regulations and gain full visibility on obligations, clause usage and more with Apttus Intelligent Import.
Technology can make your contract management processes more efficient and compliant, but find a vendor that will work with you to start it up, marry it with your processes and support your efforts as you wield it out in the contract wilderness… otherwise, you’ll end up trying to use bulkier, less sharp tools to do the same work you were doing before.