Your company can’t do business without contracts, and your legal department is highly skilled at managing those contracts. But are you, as trusted legal advisors, giving your company the most value from those crucial agreements? For example, if your chief financial officer (CFO) comes to your department with the news that the business needs to raise prices, could you quickly tell the CFO which of the company’s contracts can accommodate a price increase?
If your company’s legal department is like many, you don’t have an easily searchable repository of contracts to turn to for a fast answer to that question. Determining the strategic path and figuring out what to tell your CFO, which will influence what your business does next, will cost you and your team hours of work and a lot of aggravation.
To make full use of the value embedded in your company’s contracts, your legal team needs complete visibility of your holistic contract portfolio. And complete visibility requires a system for managing the entire contract lifecycle, so your team can take swift action in response to business or regulatory needs. The good news is, systems like that do exist: they’re called contract lifecycle management (CLM).