You’re struggling to keep up with changes in contract management. How can you stay ahead of the curve?

To stay ahead, start by assessing your strengths and weaknesses as a contract manager. Identify the skills needed for your role and compare them to industry standards. Measure your proficiency in negotiation, communication, risk management, compliance, and analytics. Improve through self-assessment tools, feedback, online courses, certifications, and mentoring programs. Constantly evaluating and enhancing your skills ensures you stay competitive and aligned with the evolving demands of contract management.

To maintain a competitive edge in contract management, begin by evaluating your strengths and weaknesses. Identify the requisite skills for your role, comparing them against industry standards. Assess proficiency in negotiation, communication, risk management, compliance, and analytics. Enhance skills through industry seniors, mentors, feedback, online courses, certifications, and seminars. Regularly evaluate and improve your skills to stay abreast of evolving demands in contract management.

Try to gain insights on the changes happening in the contract management through market research, peers, colleagues and by staying well connected with the news happening in the field. Then the next step goes in to assessment to understand where we are lacking and how we can improve it.

Effective Contract Management plays a vital role in shaping the outcome of any project, yet its significance may go unnoticed by many. However, true satisfaction in contract management arises when one conducts their duties with utmost honesty and dedication...

Time is essence of contract To performance duties of contract manager it is significant to have a robust tender document work out the approx estimate with high degree of accuracy 2) ensure transperant and fairness in pre tender and post tender 3) proper prebid conferences and queries release of addendum 4) ensure timely bid submission 5) opening of bid and report of participants in eportal 6) tech evaluation with due diligence and no nepotism and announce tech responsive bids 7) fin opening and evaluate and award 8) L1 BIDDER AND LETTER OF award 9) contract agreement sign and return emd and debrief unsuccessful bidders in case no stand still period 7)

Expand through your network Be disciplined and transperant and fair to all bidders- you will be easily identified Attend to all queries emails / letters / noting in meeting 2) learn fm other similar organisation on the EQC frame of similar work, lumpsum bid or BOQ Or percentage rate 3) update your knowledge by conference / training webinars 4) sometimes even the stake holders valuable insights and inputs will be very handy 5) no compromise on quality 6) technical merit and cost matters

Be open to the experience, try to cultivate the change and spare time to understand the technology that will pave the path in the long run.

5Ps PRIOR PLANNING PREVENTS POOR PERFORMANCE please remember it is finally the people + process =perfection The best practices need to be set up It is need of hour to have a SYSTEM CENTRIC Not Individual centric

Absolutely! Embracing technology in contract management is transformative. Automation through tools like contract lifecycle management (CLM) software, artificial intelligence (AI), blockchain, and cloud computing streamlines processes, minimizes errors, and cuts costs. Utilizing digital signatures enhances efficiency, while increased transparency and collaboration redefine contract management dynamics. Additionally, staying informed about the latest tech trends through blogs, podcasts, webinars, and newsletters ensures that you're at the forefront of innovation, ready to harness the full potential of technology in optimizing contract management practices.

Revisiting and reviewing the contract after execution on an periodical basis, to know the contract performance effectiveness and gaps or concerns if any to address those. To coupe with changing needs of the contracts it is must to include in the CLM process change management process and then take steps to implement those processes of change management as and when the need arises. For example re negotiation of contract in case drastic price inflations in raw materials which leads to increase the supply price of the product. Upon the re negotiation and consensus to increase the price of the product add an amendment to the contract and get it executed to avoid the confusion and conflicts.

As a contract manager Understand the need of the organisation that you are representing this will give the insight on the area where improvement or focus is required.Implement technology proven strategies with automation mechanism for easy and fast processes. Educate your team about the process and about changes in laws. it's important to take the timely feedback from stakeholders and teams for improvement . sometimes feedback and inputs helps to maximize more revenue opportunities.

To stay ahead of the curve in contract management, prioritize continuous learning through workshops, courses, and industry certifications. Stay informed about emerging trends and technologies through industry publications, conferences, and networking events. Leverage technology for contract lifecycle management and seek feedback from peers and stakeholders. Cultivate a mindset of curiosity, adaptability, and resilience to embrace change and thrive in dynamic environments.