Contract Heroes Leveraging Clean Data for Streamlined Contract Management
During our conversation, we gain valuable insights into Intel's journey of successfully implementing a contract management tool. We emphasize the importance of clean and organized data as the foundation for effective contract management. We delve into the significance of data-driven decision-making and involving attorneys in the process. The team from Intel highlights the importance of metadata and prioritizing active contracts. They also give us insights into some of the challenges they faced during implementation and the importance of data cleanliness and integrity. We also touch on scoping the project, engaging internal teams, and involving end users in the design process. Finally, we discuss the flexibility and challenges of the chosen CLM solution by the Intel team, as well as the future phases and the potential of AI in contract management.
WHAT WE DISCUSS:
- [00:14] - Intel’s journey of implementing a contract management tool
- [03:16] - Establishing a solid foundation for contract management through data-driven approach
- [07:13] - Analyzing and prioritizing data during the foundation stage
- [08:49] - Data integration and prioritization of contracts in a system implementation.
- [10:41] - Importing legacy documents and mistakes in implementation
- [12:07] - Building the contract repository and data cleaning
- [16:41] -Scooping process and the importance of prioritizing features and functionalities based on business value and user population
- [24:14] -The role of a dedicated project manager and their experience with legal technologies during CLM implementation
- [26:07] How processes were established and whether diagrams were created during the foundation stage
- [27:49] Handling change requests during CLM implementation
- [32:43] - Importance of conservative resource planning and transparent communication in business operations
- [34:45] - Prioritizing and future phases in consulting, including authoring and AI for contracts
- [35:36] - Excitement about the future phase of AI in contract management.
- [37:20] - Integration with company's data domains
NOTABLE QUOTES:
- [00:01:44] - “Having a firm foundation of understanding what our data is and making a data centric mindset approach towards how we solve our challenges when it comes to contracts is of utmost importance.” - Donovan
- [00:04:00] - “Data is going to be king in terms of understanding how we can then make a business decision. At the end of the day, the data should produce the ability to make a decision in regard to where you are taking your business and the approach you're going to take with it.” - Donovan
- [00:15:51] - “You need to maintain the data and make sure your data continues to be clean, through the years. And so that's why when you are doing this repository design implementation, take into consideration the business rules. Ideally, you should have those also implemented into the system validation.” - Kuan
- [00:19:22] - “Our first implementation failed largely because we didn't partner with our IT organization like we did with our second implementation. And so, that was the chief reason why we failed. We, as a legal department and legal operations department, felt we could do it on our own without bringing in a big intel IT organization.” - Gerald