Most businesses lack clarity about the contents of their contracts, which can incur costs. Contracts serve as business signals reflecting trade willingness, risk tolerance, and desired relationships. Legal teams often overlook the potential of contract data for informed decision-making. Flo Nicolas, a legal tech strategist, highlights the importance of cross-functional engagement in managing contracts, noting the consequences of isolation in contract processes. Without thorough analysis of contract data, companies miss valuable insights that could enhance organizational performance and relationships.
Contracts reflect what you're willing to trade, how much risk you're comfortable with, and what kind of relationships you want to build with customers, vendors, and partners.
Most legal teams are missing the opportunity to use contract information to make more informed decisions, as contracts shouldn't be seen merely as legal paperwork.
In most organizations, contracts are created in isolation and managed as one-offs, leading to lost insights in data, patterns, trends, and inconsistencies.
Flo emphasized that clarity in contract management impacts delivery, accountability, and outcomes across the entire company.
Collection
[
|
...
]