Crawl Walk Run
For legal department operations professionals embarking on their journey of collecting contract data and improving business through contract data, it’s important to approach it with a crawl-walk-run mentality. In the crawl phase, focus on establishing a baseline landscape of contracting activity by analyzing contract volumes, types of templates used, business units involved, and geographies where contracts are signed. In the walk phase, progress to collecting data on contract value, turnaround times, and process delays to identify inefficiencies and make informed decisions for process improvement. In the run phase, more mature organizations can delve into analyzing deviations from standard language and approved processes, as well as evaluating obligations and performance post-execution. Taking incremental steps and gradually expanding the scope of data collection and analysis will lead to a more successful contract life cycle management data program.