Getting Organized for the New Year
- Ben Oelsner
- December 11, 2018
Insights from Contracts Management Expert Andrea Policky
As a new year approaches, many of us are making new resolutions or perhaps recommitting to good habits we’ve lost, making it a great time to reflect on your business’ achievements and goals for 2019. While year-end reporting and financial management can be overwhelming, it’s also a critical opportunity to get organized and start the new year on the right foot. This is especially important when it comes to managing your legal documents, including everything from employment agreements to client contracts – many of which may run on a calendar year and are set to expire soon.
KO’s contracts management expert Andrea Policky drew upon her experience helping her clients streamline their contracts management process, to share these three key insights that help businesses improve their contracts management in 2019.
How does comprehensive support for contracts management benefit growing organizations?
Contracts management is essential for organizations who want to reduce costs, become due diligence ready, and improve visibility, automation and overall efficiency. Contracts management increases visibility into contract terms which enables tracking relevant data essential for a company’s operations.
What is one of the biggest legal/contracts management pain points for most clients?
There are many, especially when attempting to organize contracts and legal documentation that have been developed during a rapid growth phase when contract management processes are often not in place. One of the most important first steps is to improve visibility/access to the company contracts. For example, I helped one client overhaul their current contracting process, which meant creating one central repository, organizing and naming documents for easy access and updating policy’s to ensure better communication and streamline contract requests.
What are some tips or insights you would share for any business leader looking to improve their legal and contracts management processes?
The sooner a business is able to implement a well-designed contract management process, the easier, more efficient and more cost effective the outcome will be. This helps the organization to get control of their legal processes and be better prepared for growth or a major transaction (raising capital, M&A, IPO). As a best practice, companies should be “due-diligence ready” at any time, which means all legal documents are in order and easy to find. This includes operational, financial and structural documents such as labor agreements, sales contracts, partnerships, intellectual property information, and of course materials regarding any pending litigation.
As a legal services innovator, KO offers contracts management solutions that allow emerging and established growth companies to save time and money on their contracting process, while building better engagement and retention with clients and partners.
To learn more about how KO Contracts Management can help your business realize stronger growth, higher profits and better client satisfaction, reach out to Ben Oelsner or Andrea Policky, or call (303) 672-0100.