Author: tim Cummins
In June, we challenged members of the IACCM community to come up with an 'elevator pitch' of contract management. Imagine if, as you step into an elevator, someone says - "you're a contract manager - what is contract management?". How would you sell the concept of contract management to them in no more than 3 or 4 sentences - you've only got about 30 seconds before they leave the lift!
We received many responses from around the world, which showed an interesting range of perspectives - and we are pleased to announce the three most popular submissions, as voted by a panel of judges made up of senior executives and academics in the field.
First place: Contact management manages both pre and post contractual matters which includes the review, drafting and negotiation of contracts, and the thorough monitoring of the performance of that particular signed contract until it's close-out. Contract management is really about maximizing profits and minimizing risks in any contracts. In a nutshell, Contract Managers are people who possess the technical, operational and commercial skills and acumen in managing a contract so that it always remain healthy and brings in the optimal and desired results. (Rajini Saudranrajan)
The winner, Rajini Saudranrajan, is a Legal Manager at Iris Corporation Ltd. and is based in Kuala Lumpur, Malaysia. She has been working in contract management for 11 years and has been a member of IACCM since attending a training class that we ran in Kuala Lumpur in 2006. We caught up with Rajini earlier this week to find out a bit more about her.
Second Place: Contract Management consists of all the various tasks and activities that enable an organization to maximize the value of its recorded relationships. And yes, the definition may seem too general at first but contracts inform and define business processes in every part of an organization so the definition must be inclusive too. It's not just buyers and sellers; everyone does contract management every day. (Mike Serulneck, Director, Open Text)
Third Place: Contract Management at its best is about managing risk, and managing relationships. At its simplest a contract is a document describing a relationship between two parties, what each of them agree to do, and who carries the risk if things don't turn out as planned. Contract Management is about managing that relationship, and those risks, to ensure that both parties get the result they originally wanted. Everything such as cash flow, revenue, obligations management, and all other areas around this, flow from this simple premise.(mind the door) (Stephen Davis, Commercial Manager, Fujitsu Services)