Kamal Ahluwalia, Chief Marketing Officer at Apttus, shared his thoughts on the importance of cloud-based technologies for businesses during his presentation at the 2013 Chief Leadership Officer Forum: Fall Event in New York on Oct. 3. In his presentation, "Tales from the Fortune 500: Removing Contract Bottlenecks to Increase Revenue, Lower Costs and Reduce Risks," Ahluwalia noted that attorneys should take their time when creating contracts to ensure long-lasting success.
According to Ahluwalia, contracts can be problematic if lawyers try to accelerate past some of the contract bottlenecks they run into regularly. Instead, Ahluwalia said that legal professionals can rely on state-of-the-art tools such as risk mitigation software to better understand myriad contract issues: "Lawyers want to close the deals as badly as the salespeople, but they don’t want to close bad deals. The risk mitigation that needs to be factored in is often the reason for slowing things down to get it right."
In addition, Ahluwalia said that a contract management system can help attorneys streamline their operations. Value creation is key, Ahluwalia said, and legal professionals who find ways to leverage technology could reap the rewards of their efforts for years to come: "If I were to leave you with a checklist, it would include making sure that your contract management system is actually integrated into your process. It’s really a triangulation between your sales, finance and legal [teams]. They all need to be collaborating."