Does your contract approval process need improvement?

An area where improvements might easily be made to overall contracting speed is in the approvals process.

Some organisations have blanket rules requiring all contracts to undergo the same process or are based on relatively blunt criteria such as contract value.

The approval process can often be complicated and difficult to navigate. 

While that may have made sense when there was less data, with more automated processes, there could be opportunities to take a more nuanced approach.

• Only contracts that trigger certain "red flags" require escalation, while the rest can proceed straight to signing
• Different levels of approval could be required based on materiality so that only some things go to the most senior people, and others can be dealt with lower down the chain.
• Departments are only asked for approval when needed, otherwise they are automatically by-passed. 
• Approval could be given digitally rather than on paper forms to keep things from being held up while people are overseas or otherwise away from the office.  

Automation is a great enabler, giving you opportunities to do many things differently. Don't just automate your old process!

If you'd like to talk about your current approvals process and what options may be available, please get in touch. Alongside our trusted partners, we help people at all ends of the spectrum from getting the most out of the M365 tools you're already paying for, through to some of the most advanced solutions available. 

For more general insights on how to implement a successful legal automation project, ensuring success and avoiding the key mistakes most lawyers make, see our Lawyers Guide to Implementing Successful Legal automation.