In-house Advisory Board: The automation of contracting and contract lifecycle management

In-house Advisory Board: The automation of contracting and contract lifecycle management

Advisory Board Paper discussing contract lifecycle managementWhy use a contract management solution? How does it impact on people and processes? On 11 February 2016, the LexisNexis In-house Advisory Board met to discuss the automation of contracting and contract lifecycle management (CLM). The discussion was supported by a case study from Vodafone.

With automation and workflow tools becoming part of daily life for lawyers, businesses need to embrace innovation and recognise the benefits of technology. The LexisNexis In-house Advisory Board meeting, facilitated by Nigel Rea, Director of Precedents, Drafting & Forms at LexisNexis, and Kerry Phillip, Legal Director for Vodafone's Global Enterprise business, opened with a discussion of the potential benefits of automation:

  • Reduced timescales.
  • Operational efficiency and cost-savings.
  • Better data extraction and management information.
  • Greater visibility of risk and the ability to manage it.
  • Speed to market – eg shortened sales cycles.
  • Allowing the business to self-serve.
  • A better overall customer experience.

The Board discussed the challenges posed by contracts in terms of processes and people. Poor processes lead to bad data management, increased risk

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About the author:
Sophie Gould is the Head of Lexis®PSL In-house. Sophie worked as an in-house lawyer for 10 years including seven years as Head of Legal for Virgin Radio and Ginger Media Group. She has also run a legal risk and compliance training business.

 

Since joining LexisNexis in 2009 Sophie has worked on developing our legal and business content for the in-house legal community.  She also runs various networking and mentoring groups for in-house lawyers and works with schools to promote social mobility within the legal profession.