What's Happening?
A webinar hosted by Workday and Above the Law is set to explore the findings of a global study on contract ownership, revealing it as a significant blind spot for legal departments. The study surveyed nearly 7,000 individuals across 10 countries, uncovering
widespread confusion about contract ownership. The session will discuss the implications of this gap, including revenue loss and inefficiencies in legal processes. The webinar aims to highlight the divide between organizations that have addressed this issue and those that have not, offering insights into turning contracts into business intelligence.
Why It's Important?
Understanding and managing contract ownership is crucial for legal departments to optimize operations and prevent revenue leakage. The findings of the study underscore a global challenge that affects business efficiency and legal compliance. Organizations that effectively manage contracts can transform them into valuable business intelligence, gaining a competitive edge. This issue is particularly relevant for U.S. companies seeking to streamline legal processes and enhance strategic decision-making. Addressing contract ownership can lead to improved resource allocation and risk management, ultimately benefiting the organization's bottom line.
What's Next?
The webinar, scheduled for July 29th, will provide a platform for legal professionals to discuss strategies for overcoming contract ownership challenges. Participants will gain insights into best practices and innovative solutions to enhance contract management. The session will also offer Continuing Legal Education (CLE) credits, encouraging legal professionals to engage with the content. Organizations may consider implementing new technologies or revising internal processes to address the identified gaps, potentially leading to industry-wide improvements in contract management practices.
