Contract Management Blog

As we are entering the fourth quarter, your contract management team still has time to meet your 2014 goals and start preparing for 2015.

If you have ever walked out of a staff meeting with the IT department feeling completely clueless about what just happened, you’re not alone. According to a 2014 Fortune poll, 31% of senior managers feel that in-house IT staff explain tech trends “not very thoroughly” or “not clearly at all,” and 29% of them admit to “still have a lot of questions.”

In a world that everything was due yesterday, you need to take advantage of every single opportunity to make your contract lifecycle more efficient.

The focus of contract management is to achieve specific goals by planning, organizing and managing within a given set of constraints.

Given the temporary nature of a contract, this area of management often overlooks the bigger picture: the contract lifecycle. Contract managers would greatly benefit from revisiting the tenets of the more holistic approach of contract management – business process management (BPM).

A major challenge of any contract management process is shifting from negotiation to execution. Decision makers often delay reaching a final move because they want to make sure that they are not missing out on any better alternative.

The choice of jurisdiction is no small decision when it comes to financial matters. The laws applied to your contractual relationship play a critical role in the required level of governance. In the financial industry, the choice of jurisdiction is even more important.

For any business, the two main activities for business development are marketing and sales. No matter whether you are a financial firm looking to build relationships with clients at conferences or an oil & gas corporation looking to expand the scope of current contracts, all businesses need to take a closer look at how contract management falls into business development processes.

Here it is! Taking place every four years, the World Cup is the largest sporting event behind the Olympics. How big? Consider this: while the Super Bowl had about 111 million viewers in 2014, the World Cup had 910 million viewers in 2010.