24th September 2019
24th September 2019
By Derek Karpel, Account Executive at ContractPodAi
Before we begin, ask yourself these questions:
If you answered “no” to all of these questions, congratulations you may NOT have a contract management problem. Also, what planet are you from?
If you answered “yes” to one or more of these questions like the rest of us, then you may indeed have a contract management problem.
Before you give up your bar license and pursue that pre-law school dream of being an artist, writer, or rockstar (I wanted to be all three), there is hope. Life as a corporate attorney, particularly when it comes to managing your corporation’s contracts, doesn’t have to be this challenging. There are contract lifecycle management technologies that leverage automation and artificial intelligence. As a result, this helps corporate legal departments increase their efficiencies and improve overall work satisfaction.
For any mid-sized or large company, there is a tremendous pressure on the legal department to stay on top of the organization’s contracts. Think of the number of potential legal and financial risks and obligations that may exist in any given contract. Now, multiply those risks and obligations by the total number of contracts being handled by your organization (usually in the tens-of-thousands). See the issue?
Effective contract management will allow you to locate contracts and assess their risks and obligations quickly and effectively. It should ensure contract requests are delegated to the appropriate department and drafted efficiently, leveraging the company’s preferred clause library. When the board of directors wants an audit of all the corporation’s contracts to fully understand revenue, expenses and risk – how quickly can that be done? A few days? A few weeks? Then when you’ve completed the task, is that data long forgotten and no longer needed? Good contract management should be able to empower the legal department to gather data quickly in order to better advise on the health of the business as it stands today.
Contract lifecycle management technology leveraging automation and artificial intelligence can improve the sense of tedium and boredom associated with mundane tasks. These are often handled by the legal team, such as:
Starting to see the light at the end of the tunnel?
A magazine headline stated: “Automation’s Really Here; Jobs go Scarce. POINT OF NO RETURN FOR EVERYBODY.” Whether this magazine was trying to sell more copies or really warning off some impending doom, it’s enough to make you feel uneasy. Funnily enough, that headline is from a Life Magazine issue from July 19, 1963. Relax. Your job isn’t going anywhere. Might it change a bit? Sure. But, you have nothing to fear.
Contract lifecycle management technology can make your job as a corporate attorney more important and valuable to the business. Sure, you won’t be able to brag about all that “hard work” you did searching for contracts in emails, zip drives, or in those drawers under that semi-comatose plant. The horror! Is that what you sacrificed your artist/writer/rock star career for anyways? Nope. You got into this work to be helpful, to feel valued, and sure, to make a couple of bucks.
Too often, corporate legal departments are viewed as cost-centers. They don’t generate revenue like the sales team and frankly, you’re never the popular one when you all you do is discuss risk and argue over legal and financial exposure. I come from a family of lawyers. Come over for dinner some time to see some real fun.
Someone recently told me that contract lifecycle management is “fun.” That was a new adjective. The rationale?
“Lawyers love researching and fact-finding. Uncovering information from my contracts by leveraging good technology is a kind of fun adventure! And if I can find information that is meaningful to my job, and helpful to my company, then it is fun and rewarding!”
While I’m not expecting Steven Spielberg to start the production of “Indiana Jones – Raiders of the Lost Corporate Contracts” anytime soon, contract lifecycle management can indeed be an interesting, rewarding, and indeed, fun process.
We've talked about some of the company-wide benefits that contract lifecycle management can offer your team. However, does it provide any benefits to you?
To the Life Magazine issue from 1963, you were right: contract lifecycle management that leverages automation and artificial intelligence is here to stay. Although with all of these benefits to your company and professional life, I’m not sure it’s something to fear. Just think: this emerging technology could free up some time for you to pursue a side gig as an artist/writer/rockstar. Worst case scenario? You’re the inspiration for the next “Indiana Jones” film!
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