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    What is Contract Operations?

    Contract operations is a key, often overlooked, cross-functional business need that manages the entire lifecycle of an organization’s contracts from initiation and drafting to execution and renewal or termination. 

    This function is also responsible for managing the technology, workflows, and capacity necessary for efficient contract management. Contract operations sit in the white space between teams which means it often lacks funding and leadership. At LegalSifter, we recognize contract operations as a distinct function that most businesses don’t have but absolutely need.

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    Why Organizations Need Contract Operations

    Contracts are the backbone of any business, involving numerous departments such as legal, sales, finance, and any function that purchases goods or services. Despite their importance, contracts are often “owned” by everyone yet effectively managed by no one. This leads to inefficiencies, increased risks, and missed opportunities.

    Effective contract operations give organizations:

    • An efficient option to quickly create, review, and negotiate safe contracts
    • Visibility of what’s in their contracts 
    • Predictable costs
    • Contract-specific AI, expertise, and people to create speed and quality in contracting 
    CONTRACT OPERATIONS FRAMEWORK

    18 Responsibilities of Effective Contract Operations

    Effective contract operations include the specific work required across the contract lifecycle and the operational support required to manage the people, processes, and technologies to manage it all. This framework includes 18 key responsibilities that ensure efficiency, risk management, and strategic value in the management of contracts.

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    Discover smarter and more efficient contract management. Connect with us and see the difference LegalSifter makes for you.