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Contract Lifecycle Management

Contract Lifecycle Management

Nicola Brooks, Director and Head of Legal Operations Transformation Services, talks us through how you can increase revenue, optimise cost and reduce risk across your contracts.

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Nicola Brooks

Director, KPMG Law

KPMG in the UK

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Contracting process are still mainly manual, paper-based and time intensive, with little to no technology to support. In today’s volatile business environment, this approach is high risk. Companies may put themselves at risk of leaving millions of dollars on the table, wasting valuable resources, and exposing the business to non-compliance risks.

Experience tells us many clients go straight for buying a technology solution - in our view this isn't the best place to start. We believe taking this three-step approach is a more effective way to improve contracting across your business:

  1. Process - first you need to understand and then optimise the process - you need to clearly define and articulate roles, responsibilities, and the desired user experience
  2. Standardise - understand what contracts and templates you have, look at deviation, reduce the number of templates and ensure they are easy to access.
  3. Technology - finally find the right technology to underpin your whole Contract Lifecycle from instruction right through to negotiation, execution and storage.

To realise the full benefits of all the above steps, we recommend a full digitalisation transformation. This is a strategic step that takes people, process and technology enabling businesses to completely change their operating model to better support contracting. Digitalisation is where the biggest benefits and opportunities lie and ultimately enables businesses to reduce risk, reduce cost and increase revenue. 

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