Contracts Recipe 01

My Journey Continues…

In my last article, I delved into the intriguing world of the Legaltech industry, emphasizing how a single piece of paper could make or break a business, especially in the relentless hustle of the modern era.

With this article, I aim to shed light on the burgeoning topic of contract management and how brands are marketing solutions not only in India but globally to traditional industries.

The legal industry has long been associated with old-school tradition, characterized by paperwork and towering stacks of files. However, this needn’t be the case. While human oversight remains crucial, leveraging machines and software can alleviate the burden significantly.

While sectors like retail, automobile, fashion, healthcare, FMCG, and services embraced technology early on, the legal industry is still catching up. The adoption of innovation and technology promises increased efficiency and growth, sooner or later, the legal industry will also imbibe these changes and technological adaption in their ecosystem.

Understanding the benefits and advancements in technology, especially in contract management, is paramount. Once the key advantages and tangible benefits of system or software adoption for daily operational work are grasped, the selection process becomes more straightforward.

To assist you, I've compiled a checklist for choosing the right contract management software:

Completing this checklist will provide a fair understanding of whether a CLM software provider fulfils your basic contract management requirements. Interestingly, many contract management vendors focus on their offerings but overlook or fail to understand the challenges faced by legal departments, particularly by top decision-makers like General Counsels (GCs).

In my next article, I'll delve into each point of the checklist, explaining why these basic features and functionalities are crucial considerations before selecting a CLM vendor for your department.

While you may not grasp the technicalities behind the system, it's essential to discern whether the technology simplifies your work.

Today, contract management transcends mere contract administration; it's a revolution empowering legal teams and business users to enhance work efficiency, ultimately driving higher revenue growth.

In summary, while contracts may not be a walk in the park, choosing the right system for your legal department—and yourself—can certainly make your work more manageable.

Stay tuned for more insights as I continue my journey, unravelling the recipe for the perfect contract management "curry."