WHAT WE DISCUSS:
- [00:33] - How procurement can improve their relationship with legal
- [04:50] - The concept of a negotiation playbook
- [09:40] - The importance of standardizing templates and intake protocols
- [10:16] - The role of lawyers in template selection and the impact on the procurement process
- [11:17] - Dynamic template creation
- [13:26] - Triage and work queue management
- [20:43] - The importance of a robust contract repository
- [22:44] - Creating a negotiation playbook
- [28:57] - The importance of readiness and preparation for CLM implementation
- [32:08] - Training newer folks on legal terms
- [34:00] - Collaboration between sourcing and legal departments
- [37:55] - Challenges with control from general counsel
- [41:51] - The challenges of implementing Agiloft in the healthcare industry
- [42:43] - The importance of getting stakeholders excited and involved in the implementation process
- [43:43] - Resources for Agiloft implementation
NOTABLE QUOTES:
- [02:50] - “A lot of contract management has been focused on indirect procurement and the buy side. The sell-side has also been a focus. But historically we've noticed that it's actually born from the buy side.” - Prashant
- [03:43] - “The relationship between procurement and legal sometimes has bordered on adversarial because business drivers for procurement organizations are not just how do I get the best price and consolidate vendors, but it's really about managing categories from a strategic perspective .” - Prashant
- [08:51] - “Most CLM systems of basic functionality will have the ability to have a playbook in place with a clause library, fallback provisions that you can select a way to tag those particular provisions with different levels of risk or desirability from a company's perspective.” - Prashant
- [11:36] - “Sometimes intake can drive that dynamic creation of a template using clauses that are ultimate provisions that you can use having a base template and then using alternate provisions based on the intake requirements to create something that's purpose-built for the transaction.” - Prashant
- [21:00] - “It takes a pretty high degree of maturity as an organization to have a robust single source of truth repository that's high integrity that people rely on.” - Prashant
- [30:52] “If there's a degree of preparation that involves these kinds of collaborative discussions, it creates a good foundation for trust between the organizations.” - Prashant