Organizations tasked with cutting costs and maximizing resources are apt to explore shared services models for contract and legal teams. Sometimes called Centers of Excellence (COEs), Shared Service Centers (SSCs) offer a cost effective and efficient alternative to managing separately.
Shared Services Centers are structured as a centralized point of service for dedicated contract management and legal service units that include people, processes, and technologies. SSCs typically focus on one or more defined business functions, such as contract management and legal services. They may have physical locations that are either regional or global and operate onshore, offshore, or virtually.
Shared service delivery can be executed by internal resources, external providers, or a combination of both and may involve a single or multiple business functions.
Key Considerations
When integrating a Shared Service Center into your company’s practice, many factors are involved when facing this challenge. We’ve outlined four considerations influencing the success of implementing SSC models today.
It’s Essential to Establish Short-Term and Long-Term Goals to Make the Most of the Services.
Shared services adoption can often be delayed or underutilized due to a lack of clearly defined goals and objectives for the initiative. When this happens, shared services models can become stagnant and lose their overall value, causing frustration among internal resources looking for progress. To prevent this from happening, it is vital to establish formal goals at the start of the initiative and involve all stakeholders who will be affected by the process.
Be Prepared for Company Culture and Resources Changes Before Implementing Shared Contract Management Services.
Implementing a shared services team within an organization can significantly change the culture and resource allocation. Ensuring that the team is aligned and aware of these changes is crucial to enhancing company practices, internal job expectations, and shared services expectations, leading to seamless operations. This also ensures that you get the most out of contract management and legal services, as everyone knows what to expect from them.
Create and Implement A Clear Strategy Concerning Contract Management and Legal Services.
It’s important to document all the necessary details of your implementation plan and share them with others for their feedback. Also, assign someone to maintain and update the plan as needed. Good communication is essential during this process, as feedback from all parties can help improve and simplify your strategy.
Keep Communication Channels Open.
No one likes to be surprised during projects. Communicate early and often within your organization and with shared service providers to ensure that goals, strategies, expectations, questions, and concerns are addressed.
Finding A Contract Management and Legal Shared Service Partner.
Every company and organization has unique needs, and at ABiz Corporation, we are dedicated to providing personalized contract management and legal services tailored to meet those needs.
Our primary goal is to help you achieve the most favorable outcomes in contract management by putting you first and working closely with you throughout the process. Whether you require mentoring, training, consulting, review, negotiation services or are implementing an SSC or COE for your organization, our team of experts and strategic partners is always ready to assist you.
Discover how ABiz can benefit your business. Schedule a free assessment today.
Author: Nancy Nelson, President, ABiz Corporation, Contract Management Innovators