Understanding your contract landscape should be the first key stage of an enterprise contract management strategy.
Contracts are central to the way that business is conducted. As business-to-business transactions become more international and complex, so too have the contracts that support those transactions. Contracts contain a myriad of milestones, commitments and obligations that need to be identified and tracked in order to manage contracts effectively.
Lost or hard to find contracts
Unfortunately for many companies, much effort is put in to the negotiation of terms and conditions and less attention to what happens to the contract once it has been signed. Contracts that should be proactively tracked and managed end up lost or hard to find in file shares, computer desktops and other repositories.
Three key questions to ask yourself
Here are three questions that should be asked as a litmus test to assess the level of visibility and control over contracted commitments:
- Do you know exactly how many active contracts your company has?
- Do you and other key stakeholders in your company have visibility of all contract milestones, commitments and obligations?
- Can you demonstrate to your senior management team that all contract related commitments and obligations have been complied with?
For most General Counsels, there are two options to address the issue of legacy contract visibility:
- do nothing
- conduct a time consuming, complex and expensive audit using specialist external consultants.
Dolphin AutoCapture – the legacy contract discovery engine
Dolphin AutoCapture is the first legacy contract discovery engine that uses search and artificial intelligence-based technologies to:
- Rapidly locate lost or hard to find legacy contracts in Windows File Shares and computer desktops
- Automatically extract key contract milestone data from contract documents
- Present key contract related data to senior managers in a simple management dashboard.
Dolphin AutoCapture automated contract audits are significantly faster and cheaper than conducting manual audits with external specialist consultants.
Understanding your existing contract landscape should be the first stage in your contract management strategy.
Join Dolphin Software for a free-to-attend web seminar to find out more. Visit http://dolphin-software.com/lp_contract_landscape.htm for further information and to register.