BPM Services, LLC
Have you ever wished that some of your business requirements would be temporarily suspended so that you could review the efficacy of the processes managing those requirements. Take the opportunity to review, analyze, and identify areas of improvement. Well, I think the unfortunate onset of the Coronavirus gives you this opportunity.
Contracts Management
Scenario: Your company's board and some of its top executives are meeting at an off-site location. While the meeting was publicized throughout the organization no one had a clue as to what they might be meeting about. The meeting was over now, but the work was just beginning. You are the contracts manager and you have been called into a meeting with the Dir, of Vendor Relations who informs the attendees that the company has decided to spin-off several its affiliates and acquire others. The contract manager is directed to conduct an audit and review of all contracts under management and be ready to present the data within a week. How are you going to get this done in time? You are currently reviewing dozens of contracts for business units that are waiting for vendors to begin work but cannot start until the legal review is completed and the contracts are signed. You need help in order to meet your deadline. This is a classic BPM challenge and BPM Services stand ready to work at your direction.
Initial steps in the contract management process
• Categorization: Breakdown contracts into categories
What products or services does the contract cover
• Valuation: What was the initial valuation of the contract and what is it now
• When is the contract up for renewal
• Does the contract reflect an equitable distribution of risks
• Does the contract continue to address business requirements
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Create a contract coversheet providing a summary of key contract terms and conditions
Please keep in mind that this is not an exhaustive process, but if followed, will yield outcomes in line with your desired goals. Moreover, you may choose what step in the process you would like your resource to begin working.