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Webinar Overview
In this webinar, you’ll discover the friction point ‘hot spots’ in the contracting lifecycle and how to distinguish those that bring value versus those that represent cost. You’ll also learn about the impact of AI-powered CLM technology in making your business more agile and to use the ‘Friction Point Index’ that World CC developed with Sirion.
Watch on-demand below.
Eliminating the Friction Points in Contracting
Speakers
Paul Means
Vice President, Morgan Stanley
Detlef Schultz
Chairman of the Board, Vodafone Procurement Company
Tim Cummins
President, World Commerce & Contracting
Ajay Agrawal
Founder and CEO, Sirion
The Highlights
82% of commercial professionals say increased organizational agility is a high priority*. For many, that means aiming to increase speed without sacrificing quality. This requires identifying and addressing ‘friction points’ that slow down processes and consume resources.
*World Commerce & Contracting Agility Survey, October 2020
How do you do that?
During this webinar, we learned precisely how. Below are some tips, but you’ll have to catch the full replay above for more.
1. Understand Value vs. Cost Friction Points
- Value-Adding Friction Points – Intentional hurdles to ensure thoroughness, compliance, and risk management. They include detailed reviews, approvals from multiple departments, and compliance checks.
- Costly Friction Points – Inefficiencies or unnecessary delays in the process, such as redundant steps, unclear communication channels, or excessive manual data entry and paperwork.
2. Review Contracting Processes
Conduct a thorough review of your current contracting processes to pinpoint where delays and complexities arise. Engage stakeholders from different departments for a comprehensive view and prioritize these issues for resolution.
3. Invest in CLM Technology
Invest in contract management software that incorporates AI and machine learning. This can help automate routine tasks, extract valuable contract data, flag potential issues, and facilitate quicker decision-making.
4. Continuously Monitor and Improve
Implement a system for tracking the performance of your contracting processes. Use this data to identify areas for improvement and make adjustments. Solicit feedback from users and stakeholders to inform ongoing enhancements.
Cut Contracting Friction from End to End
The only true way to eliminate obstacles and friction in your contracting processes is to get your team on board with an AI-powered CLM that can support every stage of the contract lifecycle. From pre-signature, through negotiation, into post-signature, and back again, only a contract management tool running on AI can make your business run more efficiently.
If you’re ready to see how it all works, connect with us today.
When it comes to contract management, business teams have often historically “set it and forget it” — but a contract can be a vital source of business insight when managed well.
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