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Why 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:
The Board discussed the challenges posed by contracts in terms of processes and people. Poor processes lead to bad data management, increased risk and missed renewal and revenue opportunities. It was agreed that an in-depth analysis of existing processes
was crucial to fully understanding how to do things better.
Selling the benefits of technology to people in the business was identified as a major challenge:
Importantly, the business needs to be ready to embrace innovation – this cannot be achieved without effective change management.
Kerry Phillip from Vodafone presented a case study on the consideration and process behind implementing a CLM solution. Vodafone is at the early stages of implementing an ambitious end-to-end CLM tool for Enterprise customers. The factors driving this
included having over 100,000 contracts in 12 databases, hundreds of different templates, and a slow paper-based signature process. Vodafone was very clear on its requirements: end-to-end control of the contracting process, with automation built in
at every stage.
The Vodafone case study highlighted several important areas:
The Board meeting concluded with a discussion of what the future holds for in-house teams and ever-increasing volumes of data (big data). The pressure is on to innovate the way in which technology is applied to the legal role. Does this mean that lawyers
will be replaced by computers? Perhaps not, but the Board agreed that artificial intelligence (AI) will have a big impact on the profession. In today’s environment, in-house lawyers need to be data savvy and they must harness technology if they
want to stay ahead.
Read a full summary of the LexisNexis In-house Advisory Board meeting here.
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