Building a Strong Pool of Contracting and Contract Management Peers

Jim Bergman

Creating a robust network of contracting and contract management peers, both within and outside your organization, is essential for enhancing the quality and efficiency of contract reviews and commercial relationships. This network serves as a valuable resource for sharing insights, best practices, and providing assistance when needed.

Commercial Officers Group recommends the following approach to developing and maintaining one’s pool of peers:

1. Identify Key Internal Peers

Start by identifying key individuals within your organization who have relevant experience and expertise in contracting and contract management. These could include:

  • Contract Managers: Professionals who handle the day-to-day management of contracts.
  • Legal Advisors: Legal experts who ensure contracts comply with relevant laws and regulations.
  • Finance and Procurement Teams: Individuals who manage the financial and procurement aspects of contracts.
  • Senior Executives: Leaders who provide strategic direction and oversight for contract management activities.

2. Establish Internal Peer Groups

Once you’ve identified key internal peers, establish formal peer groups to facilitate collaboration and knowledge sharing. Steps to achieve this include:

  • Creating Cross-Functional Teams: Form cross-functional teams that include representatives from different departments involved in contract management.
  • Scheduling Regular Meetings: Set up regular meetings to discuss contract-related issues, share best practices, and review contracts.
  • Implementing Communication Tools: Use communication tools, such as project management software, to facilitate information sharing and collaboration.

3. Engage External Experts and Peers

Engaging with external experts and peers can provide valuable insights and broaden your perspective on contract management. Consider:

  • Joining Industry Associations: Become a member of industry associations and professional bodies related to contract management.
  • Attending Conferences and Seminars: Participate in conferences, seminars, and workshops to network with other professionals and stay updated on industry trends.
  • Collaborating with External Consultants: Engage external consultants who specialize in contract management to provide expert advice and assistance.

4. Develop a Knowledge Sharing Platform

Create a platform for sharing knowledge and best practices among internal and external peers. This could include:

  • Online Forums and Discussion Boards: Set up online forums and discussion boards where peers can ask questions, share insights, and collaborate on contract management issues.
  • Resource Libraries: Develop resource libraries that include templates, guidelines, and best practice documents for contract management.
  • Regular Webinars and Training Sessions: Organize webinars and training sessions to share knowledge and keep peers updated on the latest developments in contract management.

5. Foster a Culture of Continuous Improvement

Encourage a culture of continuous improvement within your organization by:

  • Soliciting Feedback: Regularly seek feedback from peers on contract management processes and practices, and use this feedback to drive improvements.
  • Encouraging Innovation: Encourage peers to propose new ideas and solutions for enhancing contract management.
  • Recognizing and Rewarding Contributions: Recognize and reward individuals who contribute to the continuous improvement of contract management practices.

6. Monitor and Evaluate the Effectiveness of the Peer Network

Regularly monitor and evaluate the effectiveness of your peer network to ensure it continues to add value. Steps to achieve this include:

  • Setting Performance Metrics: Establish metrics to measure the success of the peer network, such as the number of contracts reviewed, the quality of feedback, and the level of engagement.
  • Conducting Surveys and Assessments: Conduct surveys and assessments to gather feedback from peers on the effectiveness of the network.
  • Making Adjustments as Needed: Use the feedback and performance metrics to make adjustments and improvements to the peer network.

Conclusion

By developing a strong pool of contracting and contract management peers, both internally and externally, organizations can enhance the quality and efficiency of contract reviews and commercial relationships. This collaborative approach fosters knowledge sharing, continuous improvement, and ultimately contributes to the success of the organization.

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Published by Jim Bergman

Jim Bergman is a commercial contract professional with global experience spanning the USA, Latin America, UK, Europe, China, South Korea, Japan, India, SE Asia, the Middle East, Africa and Australia. He has worked on a wide range of direct and indirect spend categories in numerous sectors, developing a deep knowledge of services, goods and technology procurement and sales. Across this wide array of commodity and services experience, Jim has found the keys to success in maximizing value for money through customer-supplier relationships founded on innovative category management and strategic sourcing practices, key performance metrics and measures, as well as Total Cost of Ownership principles and collaborative contracting tenets. He has shared his knowledge through advisory engagements, as well as in developing and delivering training programs both on-line and in classrooms, in both open-enrollment and internal environments. Jim has assisted his clients through all phases and steps of contracting, negotiation, strategic sourcing and bidding processes, demonstrating value generation in excess of $250 million. His audiences and clients have included over 7,000 attorneys and commercial professionals students from over 1,000 corporations and public-sector entities.

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