WEBINAR RECORDING – The 12 Best Practices of Contract Management
About the Webinar
Webinar Aired: Tuesday 6th October 2015
Duration: 45 mins
As the procurement profession matures, and savings tend to zero over time, contract management increasingly offers the greatest potential for procurement to make a difference for their organisation – the new place to generate real value. At the half-way stage of the purchase process (contract signature), it becomes the capture of business benefits that truly matter, not the reduction in total cost. Yet the delivery period is also when risk is greatest and the procurement team become truly accountable for the deals they have done.
Contract management has historically been the domain of the business; procurement’s job was to get the right provider at the right price. No more; old silos have been cracked wide open. The business hasn’t managed contracts particularly well and now it’s up to procurement to lead the way. As your organisation moves towards greater levels of contracting, and becomes more dependent on third parties, contract management becomes one of its core activities. It can’t be left to people to do in addition to their ‘real job’.
An investment in contract management is the only way a contract’s benefits can truly be realised and its risks managed. Merely signing a contract isn’t sufficient for any commercial deal of importance – whether by value or by risk profile.
In this webinar, Dr Sara Cullen explains the 12 best practices in contract management that yield business results. These are divided into four key areas: CONTROL, INTERACT, ADAPT, PLAN: Sara will explain these four key areas in details and the twelve best practices that fall within them.
Of course, not every organisation, nor every contract, needs to be managed to best practice standard. But to progress from passive and reactive contract administration to the proactive leadership in contract management required today, every procurement organisation needs to contemplate how it will rise to this crucial role.
Dr. Sara Cullen is a Fellow at the University of Melbourne, a Research Associate at the London School of Economics, and the Managing Director of The Cullen Group. Previously, she was a National Partner at Deloitte in Australia as the global thought leader for the outsourcing practice.
Sara specialises in the design and management of commercial agreements. She has consulted to 150 commercial and government sector organisations, spanning 51 countries, in over 195 contracts comprising $18 billion in contract value. She has run educational programs across Asia Pacific and the Americas for 5200 participants. She is also a widely published author, Sara has written over 135 publications to date. Her PHD is in Contracts management.
Jonathan Dutton was founding managing director of CIPSA, the peak body for procurement in the region. Since leaving CIPSA in 2013, Jonathan has worked as an independent management consultant and is currently working part-time as Interim Sales and Marketing Director for Open Windows.