Contracts Readiness Assessment
Rein in contracts, mishaps, and optimize impact with a Contract Readiness Assessment.
Rein in contracts, mishaps, and optimize impact with a Contract Readiness Assessment.
How prepared is your organization for a successful contracts management optimization project?
Is your organization seeing a return on investment for its contracting technology? Companies often look to technology as an easy fix for optimizing their approach to contract lifecycle management. But a successful contracts program is built on much more than the selection and implementation of technology. A common reason organizations may fail to realize a return on investment is of because of a lack of preparation for the overall program beyond system requirements.
Adequate attention should be given to processes, policies, roles, and responsibilities, gaining executive buy-in and change management.
To gauge your organization’s readiness for meaningful change in your CLM program, Morae’s CLM consultants generally advise to consider:
Without achieving a good understanding of “readiness,” organizations can experience low user satisfaction and adoption for contracts technology implementations – and in turn, unrealized return on investment. It is crucial to align business outcomes to the program criteria. Morae recommends starting with a Readiness Assessment which will include a detailed investigation into the current state, business processes, templates and playbooks.
This will help you to plan a carefully managed user adoption process, from the start of the program on through selection of the technology and system implementation. Morae’s Contracts Readiness Assessments provide the recommendations you need to understand where you are today, with a clear path defined ahead for where you want to go.
How We Help
Morae can help your organization to get the most out of your contracts program investment. We do this by by delivering real-world expertise that’s been cultivated through years of experience and hands-on usage. Morae’s deep understanding of law departments and contracts program solutions enables us to tailor your technology and processes to your business needs. We focus on helping organizations like yours proactively reduce costs and risks and optimize how the legal department serves its business stakeholders. But implementing a solution is only half the battle. Continuous monitoring, maintenance and improvement are equally important. We have the expertise to help you find unrealized value opportunities and maximize your return on investment.
Define scope.
Assessment scopes vary based on objectives. Scope may include some or all of the following elements (not exhaustive): CLM maturity assessment (i.e., is your organization compared to industry best practices and benchmarks), business process review, template/playbook review and/or harmonization.
Understand your business.
There is no one size fits all approach to contracts programs. It is important to shape the program to your needs. We seek to understand your business strategy, context, markets, and risk profile.
Gather, contextualize, and analyze information.
We use fit for purpose methods to collect and analyze information, including providing an opportunity to hear from everyone to ensure inclusion and to build buy-in early as part of the project methodology. We validate our understanding with you every step of the way, adding important context and richness.
Verify findings and confirm appetite for change.
To ensure recommendations are realistically aspirational and aligned to the direction of the business, we socialize findings and potential solutions before delivering final recommendations and action plans.
Provide recommendations and a prioritized roadmap.
Our final report aims to address you where you are now, factoring in the appetite for, quantity and magnitude of, change. We provide tested return on investment (ROI) to support buy-in conversations within your team and with leadership.
Profitability through process.
We help clients reduce costs and enhance efficiency by eliminating bottlenecks and improving user utilization.
Prioritizing important tasks.
We enable a more agile approach to market opportunities by shortening cycle times for contract creation and management.
Improving performance.
We help clients attain higher quality results through more consistent alignment to company and industry standards.
Business impact.
We help clients achieve higher stakeholder satisfaction – enabling more effective delivery of results and business objectives.
