Listen Challenge Debate: Changing the face of contract management

Listen Challenge Debate: Changing the face of contract management

Sally Guyer CEO at World Contracting & Commerce, Rick Seabrook, Founder at Panoram and Peter Hall, Head of Innovation, COO/CFO at Cognia led the discussion on contract management and what businesses need to do to stay ahead.

Here are the key takeaways:

Cross-functional ownership:

Contracting is not just a legal process—45% of participants said that legal, procurement, operations, and finance teams are all involved. Ensuring these diverse teams work together effectively is key to success.

Data and risk management: 

With contracts touching multiple departments, there’s an urgent need to improve how we collect, manage, and use contract data to mitigate risk. Simplifying processes and designing for end-user experience can help drive better outcomes.

Technology & AI: 

While AI is set to change contract management, 31% of participants said they struggle with complex workflows that are hard to automate. Integration across systems and removing barriers to adoption are essential for future success.

Standardisation is crucial: 

While AI is set to change contract management, 31% of participants said they struggle with complex workflows that are hard to automate. Integration across systems and removing barriers to adoption are essential for future success.

Changing mindsets: 

Shifting the focus from routine, manual tasks to more strategic activities is critical for legal teams. By adopting a self-serve mindset and embracing new technologies and processes, businesses can reduce the operational burden and unlock more value.

The discussion made it clear that contract management is at a tipping point. As technology evolves, so must our processes, ensuring they’re designed with the whole business in mind— not just legal teams.

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