Exigent explains how outdated contract management processes can squander hidden commercial value
Image Copyright: ITproPortal
Managing contracts is becoming more complex and the risks of failure more severe. Value creation opportunities exist throughout the contract lifecycle. At the recently held GC Futures Summit (London, Nov 9th) Exigent’s Nicola Stott (Global Managing Director) and Kevin van Tonder (Director Global Legal Services), explained how leaving contracts to stagnate post-award, can squander the commercial value that lies hidden within the data they contain. In other words the solution lies in embracing data analysis technologies in contract management that will help to enforce obligations, manage contractual risk, compliance and increase performance.
‘The introduction of this sort of technology, it’s just a slow burn,’ Ms Stott commented. ‘It’s a journey for people to go on.”
Global Legal Post publishes the crux of the Exigent session, titled ‘Contract Folder: Hidden Opportunity or Ticking Bomb’, that highlighted ways in which applying sophisticated data analysis technologies to digitised contracts can help orientate the work of legal departments towards the broader commercial objectives of companies.
