How can you maximize the benefits of a contract management team?

1 Define your goals

Before you engage a contract management team, you need to have a clear idea of what you want to achieve from your contracts. Do you want to reduce costs, improve quality, increase efficiency, or enhance relationships? How will you measure and evaluate the performance of your contracts? What are the key risks and opportunities that you need to address? By defining your goals, you can align them with the objectives and capabilities of your contract management team, and communicate them effectively.

2 Choose the right team

Not all contract management teams are created equal. Depending on the size, complexity, and nature of your contracts, you may need different levels of expertise, experience, and resources. You also need to consider the compatibility and collaboration of your team members, both internally and externally. How well do they work together, and with you and your stakeholders? How do they handle conflicts, changes, and challenges? How do they share information, feedback, and best practices? Choose a team that suits your needs and expectations, and that can deliver value and quality.

4 Provide support and guidance

A contract management team relies on your support and guidance to perform effectively. You need to provide them with the necessary resources, tools, and systems to manage your contracts, such as contract templates, databases, software, or policies. You also need to provide them with the appropriate training, coaching, and mentoring to develop their skills, knowledge, and competencies. Moreover, you need to provide them with the relevant feedback, recognition, and incentives to motivate them, reward them, and improve their performance.

5 Monitor and review

A contract management team is not a set-and-forget solution. You need to monitor and review their performance regularly, and ensure that they are meeting your goals and expectations. You can use various methods and metrics to measure and evaluate their performance, such as key performance indicators (KPIs), service level agreements (SLAs), audits, surveys, or reports. You also need to identify and address any issues or problems that may arise, such as disputes, delays, errors, or non-compliance. By monitoring and reviewing your team, you can ensure that they are delivering the benefits and value that you expect.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?