The Top 3 Ways to Cut Through Contract Chaos

Contract management processes can be overwhelming with different contract versions floating through emails, renewal dates approaching by surprise, and opaque approval bottlenecks slowing down workflows. This week, Vice President of Strategic Sourcing at MDC Partners Jason Cammorata joined us in a webinar to share how he and his team are cutting through the chaotic world of contract management. 

MDC Partners is one of the fastest-growing and most influential marketing and communications networks in the world. With 55+ unique creative agencies in the MDC family, managing contracts across these many global organizations is a serious challenge. So, how does MDC Partners do it? 

With Scout, MDC Partners is streamlining their varied contract processes across reviews, renewals, and more with a simple, data-driven approach that’s proven very effective. 

Here are Jason’s top three tips for transforming any contract management process:

1. Be realistic about your organization’s unique needs and challenges.

Every organization is different. For MDC Partners with their very decentralized organizational structure, Jason knew they needed a comprehensive but lightweight solution to connect contracts across all of their partner agencies. They needed full sourcing capabilities in a tool that was easy to adopt for stakeholders and suppliers alike. 

2. Work in partnership with your technology to drive results.

As a sourcing team, you need enterprise-wide visibility, overall reduced risk, automated proactive contract mgmt, stronger strategic negotiations. It almost goes without saying, but technology should make it easier, not harder, to achieve these goals. By choosing intuitive software and strategically determining what you can outsource to technology and what you should keep in human hands, you can exponentially increase your team’s total impact to the business.

3. Don’t forget about change management when adopting a new process.

When introducing any new process, remember that people can be resistant to change if they don’t know how the change will help them and their organization. Make sure you communicate the value of a new contract management process to stakeholders. For Jason, this value proposition included reduced contract-related risk, more reliable contract data, and enhanced communication across the enterprise.

Want to watch the entire webinar? Check it out below!

Michaela Dempsey | Tags: , , ,

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