Worldwide: Contract Management - The Importance of Cross-Functional Collaboration
Business leaders have realized the importance of fostering a collaborative, inclusive structure to ensure that business units aren’t working in isolation or at cross-purposes. This is especially critical in the contracting effort, which is occasionally neglected as the responsibility of “those legal guys” or an isolated procurement office. In an agile, responsive and dynamic company, everyone recognizes that it is imperative that all stakeholders are in-sync with contractual expectations and deliverables. There is a role in initiating, negotiating, reviewing, redlining, obligation tracking, and/or renewing a contract for almost every organizational function. Professional, synchronized contract management is essential to effectively extract the value each party intends to realize at the outset and to ensure that all business interests are taken into consideration in the final obligations of the agreement. Robust interaction between cross-functional stakeholders can unlock innumerable benefits, from spurring enterprise agility to reducing compliance risks to improving working capital metrics. Now, more than ever, business, procurement and legal teams are expanding beyond traditionally thinking in “functional silos” to instead consider the enterprise-wide impact of their contracting efforts.
In this web session, Nexdigm brings out the importance of cross-functional interactions and the benefits one can draw from customizing processes and technology to suit organization’s needs.
Key Take aways:
1. Why cross functional alignment is important to the contracting process
2. How to effectively engage with “secondary” functions via collaborative contract management platforms
3. The implications of functional misalignment
4. How to encourage the balance between legal wants and business needs
