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.
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:
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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