As General Counsel, one of your responsibilities is to keep track of the potential risks and opportunities in the company’s contract portfolio. However, when businesses have large contract portfolios, tracking the contract lifecycle from initiation though award, compliance and renewal can become a burden without the proper reports.
Wasting time tracking down data means time away from assuming a more proactive role as General Counsel. As General Counsel, you’re sitting on a vast amount of data that could be valuable to you and your business. Your ability to quickly transform this data into accurate, reliable reports is key to making the transition from legal counsel to strategic business partner.
No matter the information you need – from expiring contracts, contracts awaiting signature, to specific contract values – it should always be close at hand. With organized contract management reporting, you can pull critical information such as contract review dates and values and sort contracts by contract owner, responsible departments and counter-parties, to inform business decisions.
Here are just a few key contract management reports you should be able to generate quickly:
An overview containing all the contracts that will expire in a specific time frame (i.e. less than 90 days). A summary of the contracts that are about to expire can help you ensure that the renegotiation starts well before the notice period to secure favorable terms. For contracts with automatic renewal, the focus may be on Final Termination date rather than expiration date. Furthermore, when specific contract values are included – including contracts that contain automatic price increases – you can remind the finance team ahead of time to prepare the proper invoices.