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hey procurement contract friends today is a contract focus video about contract managers what is a contract manager see i was writing an article the other day for contract nerds which is a wonderful website you should definitely check it out in my article it's just you know writing about my definition of what a contract manager is and nada asked me hey is there any definition for what a contract manager is so had a quick look online and there was a few companies like juror that offered up a definition but there was nothing concrete from organizations such as the world commerce and contracting body which i thought was weird because hey they're there for commercial contract practitioners it's literally their jam right so i thought they at four people would have a definition so here is my definition about what a contract manager is as someone who was the lead contract manager for fintech for the last 18 months and before that was also a consultant in contract management and i built out processes teams functionality apps implemented technology in this space so hopefully that gives me some credibility to talk about this so a contract manager is an individual whose key task is to manage the contract life cycle from start to finish and what do i view that contract life cycle as well from the moment a contract request lands in your inbox or in your your piece of software that you use first of all you sign it that's one part that's kind of like the pre-signature element and then the post-signature element how do we get value out of this contract how do we manage the supplier how do we use this contract document extract the data from it and make sure we're tracking all of these key components of it and then what do we do when we want to say goodbye to that supplier or that customer how do we off-board them or how do we renew this contract and i like to think about all of this as a contract manager i do i don't think a contract manager should just be on the pre-signatures side and this will also have some very close tie-ins with your procurement teams your sales teams your legal teams of course all of this works very holistically you need to view it like that because if you think a contract manager is going to sit in isolation and be able to deliver on any of its work it's a folly now what kind of tasks is a contract manager going to do every single day a contract manager can almost mirror legal counsel in that they will review contracts redline contracts negotiate contracts get contract approvals they will draft brand new bespoke contracts if they need to or they will work on like templates build out templates within your business build out contract playbooks contract clause banks and then like on the post signature stuff they're going to be like a commercial advisor to the business because they're probably not going to be the everyday owner of the contract you put in place that will go to like someone in your procurement team or your engineering team or your sales team who'll work more closely with that partner that customer or that supplier but they need to be on hand to be like hey these are the things we need to do so they set the strategy the governance working alongside these procurement teams sales teams and legal teams of course they should be the the point of authority or the point of credibility within the business to say hey this is what we should do here this is best practice if we do this we're going to get all of this value from this contractual agreement this relationship we have with this third party and you are there to bring all of this together so yeah that's my definition of so yeah that's my definition of what a contract manager is kind of what they get up to every day if you are interested in hearing about like in life of a contract manager or procurement manager or anything like that let me know i actually i've linked a tick tock i did when i was working as a procurement and contract lead at the fintech you can kind of get a bit of an insight into my world there's like a minute along right so check that out once you've finished watching this video and i'll catch you on the very next one goodbye [Music] [Music] you