Contract
Unlocking the Superpowers of Contract Data, an Introduction
Contracts are everywhere. They establish the terms on which organizations collaborate, provide services, and pull off value creation. But contract management is more than just maintaining agreements in place. It is about turning contracts into a streamlined source of information and insight, control, and competitive advantage.
When done right, contract management connects people, performance, and purpose. It helps organizations work efficiently, mitigate risk, and make informed decisions.
As defined in the CATS CM® methodology, contract management is the realization of intended contract objectives by proactively monitoring the fulfillment of all contractually established responsibilities, obligations, procedures, agreements, conditions, and rates. This includes resolving all ambiguities, contradictions, and white spaces, managing all contract-related risks, as well as implementing all desired changes to the contract, during the execution phase.
And here is the secret: it all fails without contract data. Contract data is one of the actual superheroes of successful contract management, and it is all too frequently undervalued or worse, unused.
That is why we are introducing a three-part blog series on how to harness the full potential of contract data:
- The Cornerstone – Why contract data matters and how to build awareness.
- The Value – How structured contract data management creates real value; operationally and strategically.
- The Practice – How to make contract data management sustainable and future proof.
Follow us here to stay updated and get ready to unlock the superpowers of your contract data.
By Kelly Lyng Ludvigsen & Linda Tonkes