Let's also be clear on a very important point. Many people may move to a contract management system because what they are currently using isn't working. They typically fall into two categories...and for those of you who disagree...CALL ME OUT...but please also share your reason for doing so.Category 1: No centralized system/process (Most common category) Essentially contracts are all over the place...some in Legal, some in Finance, some within the Depts, some at Corporate/HQ, etc, etc. Keep in mind that when you move to your new system...the most time you will spend is time that has not been spent for whatever reason in getting a full inventory of the contracts and then moving them to this new product. Often the purchase of the product is the tipping point to finally getting this inventory process done which has gone unaddressed for some time. It doesn't matter how wonderful this new system is or how "expert" the consultants may be…identification and an inventory process will need to occur if the implementation will include adding already executed contracts into this new system.Category 2: All contracts are in a current system and are not being migrated to the new system (by far the smallest category) This may be due to requirements or needs that the company has identified that maybe the first system didn't do. For example, some contracting systems have modules that once you enter the name of the contracted party it may look up the party in the LEIE or EPLS to see if it is excluded. A feature that I actually worked with one company that specializes in contract management for healthcare entities (sorry…no names shall be offered for various reasons)
The reason I throw this in the mix is because so often people overlook or come to the realization during the actual implementation that a clean up activity is going to take place and this represents the largest time investment (and frustration factor).