Contract Heroes

How Streamlining Your Contracting Processes Can Unite Your OrganizationOsama Hussain, General Counsel at the Irdeto Group We recently sat down with Osama Hussain, General Counsel at the Irdeto Group, on The Contract Heroes Podcast. In our discussion we talked about many things, with a focus around: ●  Establishing relationships across the organization.●  Understanding your business and what's driving its revenue.●  Defining expectations with top management.●  Identifying the necessary components of your agreements.●  Using advisors and tools to make everyone's lives easier. Why should Professionals Pay Attention to Contract Management Processes?Companies have the aim to generate value for their shareholders, and they can’t do that without preserving cash flows, protecting assets, and engaging within their markets. And legal departments in most companies play a crucial role in this. Legal departments do this by owning the contract management program for the company. However, in many cases, you get to the contract management phase at the end of the transaction. And usually, you hear about slow contracting processes from in-house teams and uncertainty about who is responsible for certain aspects of the process. Plus, there is a lack of ownership when issues arise. And this is what happens; in the end, when these problems fester, and you don’t address them adequately, oftentimes, companies hastily adopt tools, hoping that these tools will automatically fix all their problems. However, that does not happen, and in fact, it leads to more frustration, and people badmouth tools because these tools did not fix the problem. In many cases, this happens because most organizations treat contracting as an afterthought, which is problematic. This is why it is essential to ask ourselves why a contract management tool is not considered from the outset, as it is fundamental to a company’s operation.     Who is Responsible for Setting up a Corporate Contracting Program?In Osama’s opinion, legal departments should be responsible for setting up a corporate contracting program. This is because, when it comes to contract management, legal professionals are the smartest people in an organization. Also, note that the legal team knows how to run the program. This is because they are trained and experienced in contracting. For example, they have the education and relevant degrees. Also, it is the only department in most organizations that has access to all aspects of the business that are relevant in this case. Have You been Part of the Contracting Process in the Organizations You’ve Worked or Was a Process in Place when You Started?Osama was often put into an environment where he needed to put a process in place. Often it was being thought of as an afterthought, which is concerning. And Osama thinks that it is the wrong way to go about it. This is because it usually leads to two outcomes. One is where negotiations go on for long and became hostile. The second outcome is that companies usually end up agreeing to a transaction that did not capture the risk profile that they wanted to or the benefits they hope to achieve. Where to Start when Developing a Contract Management Program? According to Osama, there are five crucial components in setting up any contracting program. And the first component is establishing relationships across your organization. The second step entails understanding your business, including your products, services, and solutions. In other words, what is driving your company's revenues? The third component involves defining your expectations to top management preemptively, and fourth is to build the necessary components of your agreement. And lastly, you should have your advisors and tools ready to make everyone’s lives simpler. Osama also thinks that it is vital to build strong relationships with a number of individuals within the commercial entity, such as finance, business development, and sales professionals. What about Automating NDAs?Osama thinks that you should automate any agreement that you can. This is especially true for NDAs because you don’t need much negotiation after you have developed a template that is pretty reasonable. Is There a Need for More Collaboration between Sales and Legal Teams?Osama thinks that it is important to build meaningful and established relationships across the business. If you don’t develop these relationships, it is very difficult to set up and benefit from a successful contractual program.  How to Define Expectations to Top Management?Osama thinks that, in many cases, limitation of liability is what most people think of when communication with top management. People wonder what they will talk to top management about when setting expectations. However, it is important to keep in mind that risk management does not start with the limitation of liability; instead, it ends there. This is why you have to identify all the things that need to be in your agreements with respect to mitigating risk in a way that limitation of liability is the backstop.  System Features that can Facilitate Negotiations To answer this question, it is crucial to consider your workflows and who is ultimately making the decision on the playbook clauses and their selection. And this will eventually define what you finally implement within the system. And the job of in-house contract program managers is to empower the business. He thinks that if you set up a program that is part and parcel of what is appropriate for your company, it is crucial to understand what the workflow should be and what everyone in your company is comfortable with, and this is why it is important to engage all the stakeholders. When looking from the perspective of transaction closure, it is also important to negotiate with your internal teams.

How the Law Company is Changing The Legal Industry John Croft, President and founder of Elevate We recently sat down with John Croft, the president and founder of Elevate, and discussed his motivation for forming Elevate and some of the biggest pain points in the corporate legal sector. We also discussed how larger organizations could ensure that their legal teams work harmoniously with other departments and the type of services that Elevate offers. John is one of the best and top innovators in the modern legal services industry. He has spent the last 30 years helping many law departments and big law firms enhance and improve not just their efficiency but also their quality and outcomes. John is not a lawyer and always wanted to be a business person, though he didn’t know exactly what it meant. John grew up in Oxford among academic people. John has worked with lawyers his entire career. John ended up at Elevate because from his first job, he was selling products and services to lawyers to help them do their job more efficiently and effectively and achieve better outcomes. One of John’s biggest achievements is that he has maintained or retained the same customer base, selling services to lawyers for 35 years. However, what has changed considerably over the years is the type of products that he is selling to lawyers and how he has been able to help them. At Elevate, professionals like John are trying to crack the lack of diversity in the legal sector, addressing the equitability and inclusion side of things. What are the biggest pain points in the corporate legal sector?What triggered John to launch Elevate was the fact that there were only two ways of doing things in the corporate legal sector. The first one involves having your own or in-house legal team write the contracts and take care of other contract management responsibilities. On the other hand, you pick up the phone and engage the services of a law firm, which is a conventional partnership. John realized that other people were coming up with new ways to do this legal work and getting on top of things, such as contract management. For example, some of them were running legal consulting businesses. Others were running flexible lawyer businesses, legal tech businesses, and legal outsourcing businesses. So, a lot of people were coming up with new ways of tackling the same problem. So, John decided to form a company that would offer all of these diverse services to lawyers under one roof. However, before the existence of Elevate, no company was offering all these services to lawyers. So, John’s plan was to develop a solution that entailed offering three services, which are consulting, managed services, and legal technology. For the first service, the company would work as a consultant that would come in and help define what the problem is and design a solution. With respect to the second service, Elevate would do all the contract management work for the client. With respect to the third service, Elevate would help provide technological assistance to help with contract creation and storage.  The aim of Elevate is to improve efficiency in the corporate legal sector by helping law firms and law departments become more efficient, for example, by structuring more efficiently.   Tips for segregated or larger organizations to ensure that their legal team is working harmoniously with other departmentsIn recent years general counsels of large and leading corporations have been forced to become more accountable to the CEO. However, in John’s opinion, legal tech is still considered a threat or something new in the new department. And this is different from the way professionals perceive accounting systems, such as SAP, in the finance department. One of the best tips for organizations is that they should not consider legal tech or technological changes as threats. He thinks that humans have a tendency to resist change, which is natural. However, legal tech should be embraced in organizations of all sizes as it can help them considerably. Also, it is worth noting that the next generation of lawyers will be digital natives who will not be threatened by tech changes. This is why embracing change is even more important in the future. Services that don’t necessarily have to be performed by lawyersElevate has set out to tackle the business of law problems rather than the practice of law problems. This is why Elevate will not brand itself as a company that clients can use to represent themselves in court. Rather, the company will help organizations with things like sorting through massive amounts of data to find valuable information that lawyers can work with. The company can also work in the capacity of a project manager to make sure that a project is completed on time and within budget. Another service that does not necessarily have to be performed by lawyers is legal operations. In the past, the concept of legal operations did not exist, and lawyers worked in their own way. These lawyers did things slightly differently as no process was in place to ensure consistency. However, John thinks that things have changed, and now “legal operations” is not just respected but is essential for any organization. John thinks that now you have to run your legal department the same way a CFO runs the finance department in any organization or CMO runs the marketing department. Trends in Legal Tech and Enterprise SoftwareOne of the biggest trends in this space is the digitization of contract management. In the past, contracts were manually written by human beings with a pen. However, by digitizing this process, you can automatically do other things, such as simplify things by creating templates. For example, equipped with the latest technology, it is possible to take thousands of contracts and interrogate them to see if and where there are any common clauses. In terms of products, there is a trend toward enterprise-level systems. There is a growing demand from the legal and procurement departments of many prominent organizations for an enterprise legal management system.

The Current State of Legal TechnologyColin Levy, Director of Marketing and Business Development at WordRake  We recently sat down with Colin Levy to discuss legal technology and tools and their importance for law departments. We also discussed some of the benefits of contract management tools. Colin is currently the Director of Marketing and Business Development at WordRake and has worked heavily with contracts in his past roles where he focused on corporate transactions, which taught him a lot about contract management and how technology can assist in these efforts.  What is Legal Technology?Legal technology, also known as legal tech, is all technology that law firms use to improve and streamline their processes as well as increase their effectiveness and efficiency. Note that some of these technologies help modern law teams better serve their clients by helping the law firm operate and render legal services more efficiently. Why Colin Focused on Legal Technology and Legal InnovationFor Colin, a lot of impetus and passion for his focus came from his experience. Before law school, he worked for a big firm as an IT paralegal creating litigation databases. So, he was using technology before law school. This is why he thought that he would surely learn about these concepts and tools in law school. However, unfortunately, he did not learn anything about these tools in law school. And he found that very disappointing. After graduating from law school, Colin was constantly astounded at how little technology was being used by lawyers. So, he wanted to learn about people who were changing this dynamic. These people were either developing technology for lawyers or teaching lawyers how to use technology. So, he started writing about his experiences talking to those people and interviewing them. And since then, he cannot get enough of it. He has been dedicated to inspiring and informing others about legal technology and legal innovation. Pandemic and Legal TechnologyNote that in many ways, the coronavirus pandemic has forced many lawyers and law firms to adapt to using some basic technologies. We are yet to determine the long-lasting impacts of this pandemic on the industry. Technology can be useful in making your life simpler, and it allows you to be more productive. However, it is worth noting that technology is not a panacea, and it will not solve every problem you may face. It is essential to start with your people and processes. You have to understand how people work in your organization and what their level of comfort with technology is. So, it is crucial to understand what your problems are before considering solutions. Technological Innovations and Software Making an Impact on In-house Legal TeamsIn Colin’s opinion, there are many add-ons and tools that integrate into MS Word or Excel that most lawyers already use. These tools and add-ons help with things like automating documents and editing documents. Also, MS Word has amazing built-in technology that many lawyers are not aware of. These MS Word features can help with formatting and styling documents. Legal OperationsLegal operations are becoming a vital part of any legal department for a variety of reasons. One of the reasons is that you can better optimize your current processes. You can also better integrate those processes into the larger operations of the business. This is important because, for a long time, legal departments have worked in isolation and were not connected with other business functions. In Colin’s opinion, ‘legal operations’ is the bridge between the legal dept and the larger business. We have to make the legal dept more of a business partner and a resource, enabling it to act as a team member instead of just being a go-to problem solver or cost center, which has been the traditional approach in many law firms. Deriving Insights from the Data It is essential for legal departments to make use of data they have on hand, for example, in the contracts and other documents, to show their value. In addition to minimizing risks, legal departments have to play different roles as well. They have to help businesses better see data—for example, how their contracts are operating and hidden risks in their contracts about legal obligations.   What are the Biggest Bottlenecks or Pain Points in Contract Management?There are several bottlenecks. For example, one issue is version control. This is because most of us send documents back and forth, and everyone has a different way of naming them and dating them, which can cause issues down the line. This is one of the areas that effective contract management can address.  As many contract management software products work well with MS Word natively, tracked changes by the user as well as version control is done on your behalf. Another issue is a lack of a central place for storing and maintaining documents. Having a single place for all documents helps sort and search documents with similar traits and features. Unlike traditional contract management systems, storing and maintaining all files in a single centralized, digital repository allows for extensive reporting and optimum compliance. Contract management can also help find documents that have commonly used clauses and provisions. Also, contract management tools can allow you to derive a lot of data from your agreements through reviewing them and reviewing them through algorithms. However, it is vital to understand your goals before choosing a contract management tool for your firm. Factors to Consider when Choosing the Right Contract Management ToolYou should consider the needs and preferences of your organization carefully before choosing a specific contract management tool. Customizable to your Company’s NeedsYour company’s needs and preferences change over time. As your company enters into a higher number of contracts, you may have to change the way the contracts are labeled, organized, or searched based on your new business goals and objectives. When considering a contract management solution for your company, ask the potential provider regarding customizability- during as well as after the implementation phase. Implementation and Ease of UseThere is no doubt that nobody wants a system that is hard to use. Note that the ultimate success of any contract management platform will depend on several things, but mainly on whether your team members are willing to give the tool a try. Convenience, ease of use, and a positive user experience will definitely encourage not just an initial trial but consistent and long-term use of the contract management system as well. When the implementation and onboarding processes are smoother, your teams will experience less disruption and will be able to make a faster transition.

Tips On Becoming A Legal Thought Leader Jay Harrington Social media has become an everyday part of life for the majority of people. We use it to connect to family members, friends, causes we support, and brands that we’re interested in.  Despite all of the personal uses of social media, many working-class individuals are unaware of ways they can use social media for business purposes. For example, expanding one’s professional network and building one’s own personal brand. Jay Harrington suggests this very thing when he consults with growing companies and being that he has 10 years of legal practice as well as operating his own marketing and consulting agency, the suggestion comes from experience.   Why Is Building A Personal Brand Important?Jay explains that social media has evolved to include and embrace professional network building. Lawyers and legal teams that he consults with are becoming aware that if they aren’t visible online, they’re practically invisible. In today’s world, if a business or professional hopes to be visible, they need to be aware that the first place everybody looks is online. Without an online body of work, it’s difficult to appear credible and authoritative in a field.  Following the pandemic, a lot of professionals are hoping for things to return to normal, and it’s unlikely that they ever will. Both culturally and individually, people are no longer looking for the same level of interaction as what was common up until recently. For this reason, as well as many others, social media and the digital landscape is key.   LinkedIn vs Paper ResumesLinkedIn is currently the most widely used social media platform when it comes to professional interactions. The platform showcases a professional individual’s history, talents, causes, and business demeanor in ways that are far superior to paper resumes.  Jay explains that on a paper resume, a business can get a static impression of what kind of experience a person has in the job market.  A LinkedIn profile can provide the same information and more. It allows professionals and employers to dig into a person’s information as well as seeing an example of how they act, how they conduct themselves, their creative outlets, what they’re currently dedicated to, and what they want to work towards. It’s much easier to decide whether a person is a good fit for a position when other professionals get a preview of the whole person in addition to their job experience. Social media from a business standpoint creates a window into the mind of other professionals. If they create content, employers can get a quick preview. If they network, employers can gauge their communication skills. A paper resume cannot satisfy any of those needs.  Personal Brands On LinkedInIllustrating one’s personal brand through social media meets the same criteria that used to be set forth in traditional business conferences. Companies would send an individual to represent the face of the organization and when this person networked with others, they not only displayed the company in a positive light, but became a snapshot of the humans working within. The same goal applies for online personal brands. Every organization needs partnerships, ways to recruit new employees, and reach the public. The personal brands of people within an organization can help reach that goal. Employees of a business can amplify the message that business is trying to spread. In this way, LinkedIn is both a personal and professional platform. Not only does it connect people, but it expands awareness and shares knowledge from the perspectives of people, not faceless companies.   Content Creation On LinkedInA great way to increase awareness for personal branding is to create content that represents the individual as a professional. However, creating content can be challenging when there are so many possible places to start. In order to avoid getting stuck, it’s good to be aware of an objective. Are you looking for a new job? Are you trying to become more visible in an area where you have experience? Are you trying to network with other professionals in your industry? Are you trying to draw in more clients? Knowing your goal and having a narrow focus on what you’re hoping to achieve is a good way to stay on task and limit distracting options. Jay illustrates an example by saying that a lawyer who is hoping to attract more business might think about what his or her target client cares about. Content should be centered around information they would be interested in.  If it’s still difficult to get started creating content, there is always the option to start small.   Starting SmallContent creation can involve something as small as commenting on content that other professionals post. If you’re following a certain niche, read articles and information posted to LinkedIn that concerns those topics. Jump in and engage with your chosen field to get over your fear of content creation. Commenting on posts related to your field not only helps get the first steps of content creation out of the way, but it also helps extend your network. People will read your comments and interact with them, maybe making comments of their own. Getting involved with your niche can help inspire further content creation.   Smart NetworkingContent creation can be a great way to slowly get to know professionals in your field without approaching them out of nowhere. Jay explains that nobody likes being suddenly bombarded by people who want to ask questions or offer services. Instead of attempting a cold-connection, try interacting with that professional’s content first.  People are more friendly and pay more attention to others who engage with content they create and post, so spend a couple of weeks commenting on posts the professional creates. Leave a comment a couple of times a week and your likelihood of success will increase when you reach out to the person later. In some cases, the professional will reach out to you first. Knowing how to gradually build a good rapport with people you’re hoping to speak to is a better way to approach them than a sudden bothersome request. In being able to appropriately meet people you’re interested in getting to know, you’re more likely to open opportunities that you’re hoping to achieve at some point. Jay gives an example stating that some business professionals avoid interacting on LinkedIn because they want to get into traditional marketing activities right away (such as public speaking roles or quotes in publications).  The path to those opportunities is on social media for individuals who know how to approach them. The businesses looking for people to take advantage of those opportunities are online. People who showcase themselves are more likely to get noticed and invited onto the desired platforms than those who bombard businesses with offers or requests.   Getting StartedFor individuals who do not have a lot of visibility on LinkedIn, it may be challenging to know where to start. Jay suggests being aware of where your desired audience spends their time. Where do you want your personal brand to be most visible? Pinpoint your area and start creating content related to current topics that affect your niche. Because content creation is versatile, the type of content you create is up to you. Whether you write articles, create podcasts, or take up some other form of creating content, start small and aim for an upward trajectory.

Tips for Implementing Contract Management SoftwareMagnus Lindberg is the Chief Enabler at Skye Contracts Because many of the available CLM tools on the market are relatively new, it can be challenging for companies to be sure about how to choose and implement a product. Magnus Lindberg is the Chief Enabler at Skye Contracts works where he has been focused on the use of tech to improve processes, legal work, and contract management. He’s experienced in working with mid-sized businesses and large corporations and has several tips and ideas about what type of information orgs need to have together before searching for the perfect CLM solution as well as what the steps are to make sure the implementation is successful after choosing a vendor. If your team is searching for a new Contract Management tool this is a great episode to listen in on!   What Steps Should Businesses Take?Before spending money on new CLM software, there are several things that businesses need to consider. In order to purchase and implement the right software, it’s important to know the ins and outs of business processes. Magnus explains that it’s in a company’s best interest to first be aware of what CLM software does and doesn’t do. It is primarily a tool, not the solution for every issue a business experiences. To be better able to determine which issues the tool can help with, it’s ideal for decision-makers to work in one sector or department of a business. Fully understand the way processes work within that department, as well as how these processes connect to those of other departments. Before making any sort of purchase, it’s good to determine the simplest way processes can be completed. Keeping the steps simple, write down each process to start. For example, take a closer look at contracts and answer deeper questions about them. How many contracts are active at a given time? How complicated are they? Are there many similarities between contracts? Can they be categorized and bundled? In some cases, after simplifying business processes, companies find that they don’t need contract management software at all (though this is uncommon in larger companies). Remember that contract management software is not a fix-all for businesses, and to make the best use of the tool, it may be necessary to simplify many more business processes first.   How To Get Legal OnboardMagnus explains that understanding current contract management procedures are a key element when it comes to deciding on new software. Because legal teams are often reluctant to seek out new tools to make contract management easier, it may be a good idea to involve other departments in the proposing process. Different teams within an organization can not only make importing existing contracts into a new database easier, but can also provide insights as to why a new tool may be helpful. For example, members of the IT department, who understand data, can create a decent argument in favor of tool implementation. These individuals can help guide the legal team toward implementing new software into contract management processes. Next, it’s important to be well aware of which team takes care of which processes. Are teams expecting the right things from each other? By knowing exactly who handles what process, it becomes easier to discover where significant lag has resulted.   How To Make DecisionsOnce the need for contract management software has been agreed upon by the involved teams, the next step of the process involves searching for the right tool. Some businesses begin their search by looking at demos offered by companies offering contract management solutions. Magnus explains that looking at a demo is not always effective. They’re a decent introduction to a company, but they do not provide enough information to create a fair impression of the tool itself. Instead, it’s better to research a little deeper. Rather than relying on demos, compare different software offerings. Study the features that each program presents. Take a look at proposed workflows and configurations and then try applying them to the current needs of the organization. From there, have the software company explain the engine behind the program. Have them explain how it works in a practical sense. Does the product need an additional implementation product? How is the software maintained? How many of the company’s issues can be solved or improved upon by using this specific tool? Often, businesses decide that they need new legal technology, but they’re not sure where to start when it comes to navigating through all of the choices available. Every business is different, so every case of needing something new is different as well. One way to make the decision process easier is to take apart the different processes that the business conducts. Define everything in simple steps. Make a list of who is involved in each process, who approves new things, how contracts are signed. How do signed, active contracts connect to other departments within the same company? Looking at each process the company is involved in can make it easy to see where issues arise, which solutions are needed, and how they have to work. When the issues are clear, it’s important to determine what sort of labor power is available for implementation. If a new tool is purchased, what sort of resources does the company have available to implement it? How would the tool be maintained? Which team would adopt which duty when it comes to upkeep? Time and resources are two of the most important things to consider when planning to purchase a new tool. A new CLM tool does not fix every issue immediately, and when planning to purchase software, it’s important to be aware of the timeline. A good software company will explain how long implementation is predicted to take, and what end results can be expected.   After Signature IssuesOne of the best arguments in favor of utilizing a CLM tool relates to the way contracts are often ignored after signatures are obtained. Because so little focus is placed on contracts following their signature, businesses miss out on renewal dates as well as auto-renews. Being unaware of the date passing can lead to both loss of funds and loss of clients. When trying to convince legal teams to adopt CLM tools, it might be useful to present reports from financial teams that explain just how much money is commonly lost due to ignoring important contract dates. This way, it will be easier to explain why these tools are needed.   Challenges After PurchaseCompanies need to plan ahead for the implementation of a new CLM tool. Signing up to use the software is one thing, but being able to have the entire business utilize the software is another. It’s important to have everyone on board when it comes to learning how to use a new tool. If there is no one available to train people to use the tool, and very few people end up using it, it won’t be in use for very long. Even the best software will not matter if nobody in the company knows how to use it. When choosing an appropriate CLM software program, Magnus offers a few final tips. Do not choose the first product you see without researching other options.Ensure that you have dedicated personnel to take care of implementation.Look at your company’s internal processes (decide whether only document generation tools are needed, or if an end-to-end system is required). Think about what you already have, what you could use, and how you plan to incorporate features.

Building A Business Case For Contract Management Softwarewith Lisa Lang, General Counsel at a public regional university in Kentucky Business operations have changed a lot in the past year, and as such, many companies are becoming aware of the benefits that automation and contract management offer. Though the pandemic has generally been a negative experience for everyone who has been impacted by it, a couple of opportunities have arisen in light of the difficulties. Lisa Lang is the General Counsel at a public regional university in Kentucky who has been in her position for three years. She wears many hats in her position and as such involves supporting all staff. Due to recent events, Lisa has been able to make much-needed changes in the way her office handles contracts. The Issues with Manual SystemsLisa explains that in larger universities, there is an office that handles procurement and contracts, but in her small office, she is responsible for every contract that exists in the system. Before the pandemic, all of the processes in her office were manual. This means that when it came to negotiations, she would have to print a contract, stamp it to mark the status, sign it, date it, scan it, then send it to the next person that needed to sign. Though a new system was not implemented until after the pandemic, Lisa was aware of the need for change when she first worked in her position. Contracts were at one time stored in binders and organized alphabetically, which was acceptable for a paper system despite its time-consuming nature. Lisa highlighted the issue, as she was aware of the existence of electronic systems. Because the manual system was a constant issue, Lisa did what she could to bring awareness to it. For example, during yearly external audits, lease information flowed to Lisa for review, but due to the inefficiency of the system, she did not always have easy access to every department’s leases. For that reason, she had to dedicate time to chasing down lease information and trying to determine its accuracy. Expressing A NeedUpon the emergence of the COVID-19 pandemic, Lisa’s CFO wanted spreadsheets designed that included every contract the university kept, as well as information regarding who was responsible for it. In situations like these, Lisa would explain how long this task was going to take with a manual system, then mention the time it would take using an automated system. For example, “All of our contracts are in binders, so this task may take me two weeks to complete. If we could get a CLM, AI could take care of this task in an hour.” Lisa took time to research the capabilities of CLM systems so that when she was asked to perform a task, she could compare manual efficiency with the predicted efficiency of a CLM system. This helped prepare her for expressing the need for a new system. The ChallengesLisa explains that even though the Purchasing Director and CFO were aware of the need and wanted to assist, the university had competing priorities. Finding the money to afford a system would be a challenge. However, research allowed her to locate a product the university could start with. The system was offered by a small, yet growing company. Because of the size of this company, Lisa thought the system would be a good fit as both entities could grow together. One of her main concerns during this process was whether this new system would be able to integrate with the university’s existing software. DocuSign, for example, was an important element of the university’s financial aid department. While the new system integrated with DocuSign, it took some trial and error learning to configure the integration to where it met the university’s needs. On top of the DocuSign concerns, the new system operated somewhat separately from the Banner system that every department kept data on. In a perfect world, the systems would integrate, but Lisa remains optimistic. The Current StateLisa explains that utilizing the CLM system is a process. It does not improve everything overnight, and there will still be challenges when it comes to configuring the product to her university’s needs. Training staff to use the system will also take time and effort. Fortunately, the vendor has been helpful in this sense. They have been able to help Lisa get the contracts placed into the system, which saved her quite a bit of time and frustration. Despite the fact that a CLM system takes time to learn, configure, and setup, it's clear that they've made the right choice by moving away from manual methods. Future PlansAs time passes, Lisa hopes to include budgeting into the new system. This way, she will be able to take contracts from a repository and assign them to different units within the university. On top of assigning contracts, she will be able to better anticipate money flows and make more detailed purchasing plans. She hopes to overcome the issue of poor vendor organization with the new system. By having a database of vendors, it will be much simpler to locate and use a vendor rather than seeking out a brand new one. She recalls that at one point, the university had three vendors providing the same service but for different units. Had there been a database, one vendor would have been used at a considerable cost reduction. In addition to saving money in that sense, the new system is likely to help prevent the university from losing money to auto-renewals for products that the university may not even use. 

Mike Lander is the CEO of Piscari, a London based consulting firm specialized in Procurement. He provides negotiating advise to founders, CEOs, and directors to improve their negotiation capabilities of their commercial teams and provide deep insights into the mind of the procurement buyer. The procurements departments are always under pressure to take care of every cent of their budget. You need to always research your customers and look for data that can help you in the negotiations. If you don't do your research, the other side will have the upper hand. The market on procurement analytics has grown a lot, producing huge insights. The ability to take finance data, procurement data and third party data easily accesible produces a huge advantage. This is also a big reason why procurement departments are investing on CLM softwares to bring all this information into a single place with their contracts, which includes all the details on every closed deal. Mike's LinkedIn: [https://www.linkedin.com/in/mikelander/](https://www.linkedin.com/in/mikelander/) [https://piscari.com/](https://piscari.com/) [mike@piscari.com](mailto:mike@piscari.com)

Denis Potemkin is the CEO of Majoto where he helps businesses turn difficult frustrating contract processes from pain to gain, using design thinking... Denis has found that businesses have woken up to the need to digitise and make things work remotely. There is a renewed interest in contract automation - that is the top pick out of contract tech. Contract design is starting to emerge from niche, but still a long way to go. Most businesses are focussing on the tech, and missing all the opportunity that comes from combining tech with design. BUT, there is a growing recognition that thinking about the problem holistically, and solving things through design as well as tech, can yield huge results. Companies can reduce deal times by 50-80% through contract design.

We created this podcast to provide best practice recommendations by contract management thought leaders. We want to help companies on every industry to support organizational design, development and competence. Contract and Commercial Lifecycle Management is not a new term anymore. The main idea is that contracts constitute the core system of commercial record for all enterprise value-creating activity — not just legal activity.