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Maturity months, contract maturity, AND THE last trading DAY.
(In the next part of this series, Ill look more deeply into the technologies that are delivering new capabilities.) Early in his career, Kingsley taught himself the C computer language and automated his tax practice.In his seminal work, Susskind describes a continuum moving from one-off approaches to standardization, to systematization, to productization, and finally to commoditization.Experts are highly adaptable, and usually capable brothels liverpool of performing any task.Standards can be established by dictatorial fiat, committee, or by applying data mining tools to identify existing consensus.Content reusable, interchangeable contract building blocks (addressed in the third part of this series).The lessons of knowledge management show that there are two main approaches to knowledge systems.Later, Kingsley was one of the leading innovators in developing the theory and practice of knowledge management.Ad hoc, the process starts with an assessment of current systems.Systemize The next step, likely to yield the greatest efficiency gains, is to ensure consistency of terms across all agreements.Templates can be automated with the use of document assembly, workflow and approval tools.The first step is to get control.By contrast, the systematic approach is more rigid but capable of producing consistent results at lower cost.He wrote the Knowledge Management Workbook.One key goal is to find friction points, namely activities that add unnecessary costs, such as clause terms that add significant delays to contract negotiation or activities that increase risk, such as the removal of terms designed to protect the companys interests.Conclusion Standardization and systematization are the key steps to establishing a contract portfolio that can be quantified and monitored.Without such processes, all strategies can be tested only anecdotally.Now Kingsley is developing the new discipline of contract analysis.But their know-how leaves with them when they leave the organization.The driver of change is economics.
In practice, the approach will likely involve some element of each approach.
The metrics will then guide system managers to make appropriate adjustments to workflows and templates to continuously refine contract procedures and maximize portfolio value.
While many organizations have made significant progress, the majority of agreements today are still drafted by marking up the most recent, closest draft rather than starting from a standard template.
One approach is to create a single framework organizing all agreements, such as the Unified Contract Standards Framework.