The automation of contracting and contract lifecycle management
Published by a LexisNexis Practice Compliance expert
Practice notesThe automation of contracting and contract lifecycle management
Published by a LexisNexis Practice Compliance expert
Practice notes
With automation and workflow tools becoming more and more part of daily life for lawyers, businesses are increasingly realising the benefits they can bring, including:
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increased productivity
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more Efficiency and reduced timescales
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operational efficiency and cost-savings
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better data and management information
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greater visibility of risk and the ability to manage it, and
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speed to market—eg ability to shorten sales cycles
New ways of working impact on people as well as processes and getting buy-in from the immediate team and the wider business is essential to the success of a project.
Underpinning all this is the need to thoroughly analyse existing processes to gain an in-depth understanding of how workflows can be improved.
Most importantly, the business needs to be ready to embrace innovation—effective change management is crucial. For more on change management, see subtopic: Managing change.
This Practice Note discusses the automation of Contracting and Contract lifecycle management, including key areas such as what contract lifecycle management is, the challenges of contracts and how to tackle
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Jurisdiction(s):
United Kingdom
Key definition:
Contract definition
What does Contract mean?
A contract is a legally binding promise (oral or in writing) by one person to fulfil an obligation to another person in return for consideration. A binding contract comprises four elements: offer, acceptance, consideration and intention to create legal relations.
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