Seamless contracting is top priority for all organizations, irrespective of company size and industry. Technology is within reach to assist with certain parts of the contract lifecycle or to manage the entire process on a single platform (end-to-end). Yet despite the abundance of tools available, there are many impediments to change for better contracting habits. Here’s an overview of three typical challenges we’ve seen in client projects and our best-practice tips for improving contracting with technology.
#1 Holistic approach to contracting
One challenge that keeps coming up in contract digitization projects is the limitation of separated teams (compartmentalized legal and/or business units) to manage digital transformation efforts holistically. Oftentimes, contracts are not within the ownership of a single team in an organization, but they are typically multi-stakeholder business activities. Accordingly, optimizing contract related workstreams requires coordinated and collaborative action across several departments.
InvestCEE best practice tip #1: when optimizing the contract workflow, make sure to include decision-makers from the legal, IT and business departments. Multidisciplinary teams can holistically drive the process changes that are actually needed in an organization. From our portfolio, Dealsign and Zefort are both ideal platforms for multi-stakeholder collaboration around contracts.