In our multiple interactions with prospective customers and legal teams, we have come across all sorts of legal teams. From ones who still sign paper contracts, to ones that are leveraging the latest technology to navigate risks and extract more value from their contracts.
To break the clutter and noise, we’ve built OSIAC, a quick framework that measures you on the 5 most important areas of contracting.
This tool will help you understand where you stand in the current contract landscape as compared to your peers.
Here is a quick look at the 5 maturity categories the OSIAC Framework measures you on:
- Ownership: The million-dollar question in contracting today is who owns contracts? For the longest time, these essential business documents have been handled in legal silos. How are contracts handled in an enterprise? And what are industry’s best standards?
- Standardization: Standardization within contracts helps you cut down on cycle time while making it easier for you to embrace technology. Are your contracting processes streamlined enough to be able to benefit from automation?
- Cognitive Analytics: Access to Contract Intelligence:Breaking down contracts into trackable data points and making them accessible to all stakeholders can go a long way in influencing contract critical agreements. Are all stakeholders able to access relevant information such as auto-renewal dates, key obligations, etc.?
- Interactive Intelligence : Taking Action: Having a bunch of data is not enough. Being able to act on historic contract data and insights is what creates true value. Does your data inform your actions?
- Cognitive Contracting: In an ideal scenario a contract should move seamlessly across all stages of contracting from pre award to post award. Standard agreements should take minimal manual intervention and the larger focus should be on creating more value from contracts.
Take 6 minutes to answer these 20 simple questions and get your own customized contract maturity scorecard.
