November 6 by Ari Kaplan
Commercial agreements govern the relationships of enterprises worldwide so to prepare law department leaders for advancements in contracting in 2019, I am honored to be moderating a webinar featuring Linda Chuan, a seasoned global technology sourcing executive, Dennis Garcia, an assistant general counsel with Microsoft, and Lauryn Haake, a managing director at HBR Consulting, about how innovations in contract management will impact the economy over the next three to five years.
As an industry analyst, my mission is to learn and to share. In addition to the webinar participants, I had the privilege of facilitating a conversation with an array of industry leaders about the future of contracts, including how the legal profession is changing, the influence of technology on business transactions, and the cultural shift necessary to promote progress. This guide, like the webinar, was designed to help the legal and business community make decisions, craft strategies, and adapt to a dynamically shifting marketplace.
From Radiant Law co-founder and CEO, Alex Hamilton’s discussion of objectives dictating the future of contracting, to IBM Watson Legal co-founder, Brian Kuhn’s views on how artificial intelligence will reduce risk, there was a consensus that we will experience a period of robust forward momentum. Whether there is likely to be an imbalance of technology over talent or an impending era of educated machines that will redefine the legal landscape remains uncertain.
Dennis Garcia did highlight that the contracting process is about taking smart risks and inspiring trust. Those factors will only grow more important as technology becomes increasingly ubiquitous and legal organizations embrace digital transformation, including the use of artificial intelligence that learns from its mistakes, credibility will become even more critical.
Linda Chuan similarly emphasized the empowering properties of contacts for procurement and sourcing professionals. With an array of agreements based on a law department-driven playbook featuring a library of key terms and clauses, these teams will seamlessly generate contract analytics that gauge the quality of their contracts and use dashboards to track renewals and expirations.
And, Lauryn Haake combined the two perspectives by emphasizing that as technology becomes more sophisticated and helps professionals expand their roles, standardization and process improvement will support further growth as organizations collect and harmonize their processes into cohesive programs.
I am looking forward to discussing why best practices associated with program management and standardization are essential for a high performing organization with Lauryn, how the maturity of AI is driving efficiencies and agility in contracting while reducing risk with Dennis, and the extent to which innovation in blockchain, smart contracts, data management, and sourcing will reconfigure corporate roles in 2019 with Linda.