Contract Management Manager
Contract management managers are the glue that holds the business together. They start each day with a thorough review of current contracts and then spend the rest of the time facilitating collaboration and negotiation.
They are expert negotiators, able to effectively communicate with people from all walks of life. They are big-picture thinkers, but also have strong attention to detail.
| Contract Management |
Skills
Contract management managers are a vital link in an organization’s business infrastructure. They are experts at offering legal assistance to various departments while merging their own expertise with the company’s overall goals. As a result, they need to have in-depth knowledge of the laws that affect their organisation, and the best strategies for making contracts safe and profitable.
This includes having a comprehensive understanding of corporate policies, such as the company’s buy-side or sell-side contracting laws, as well as applicable international contract law. Contract management staff also need to be proficient at identifying and managing risk factors.
Negotiation skills are another essential attribute for a contract management manager, as they often need to find ways to balance the competing needs of multiple stakeholders. This requires an ability to read the nuanced signals, identify and counter any tactics being used and establish concessionary limits that must not be exceeded. AI-powered contract intelligence software can provide a leg up in this area, by automatically identifying potential concerns.
Education
A contract management manager typically holds a bachelor’s degree in business management, but many bolster their education with additional degrees in finance and law. They must be familiar with their company’s business model, performance metrics and goals.
NOVA offers an associate degree program in contract management that can help you acquire the knowledge, skills and expertise for this position. You can also obtain professional certification, which can be a valuable asset for those who want to move up in their careers or change industries.
Educating yourself doesn’t always happen in a classroom setting, but it’s important for contract managers to stay up-to-date on the latest industry trends and regulations that impact their jobs. For example, a contract manager working in the health care field may need to monitor developments in this industry that could affect future contracts. This is why networking with other professionals and in-house counsel is so important. It’s a great way to get an insider’s perspective and learn what employers are looking for.
Experience
A contract management manager needs a good grasp of the company's business and strategy. They are also familiar with the role that formal agreements play in framing commercial relationships and mitigating risk.
They have the ability to quickly learn new skills and software. This is especially important because the contract management process requires a rapid response to new or changing requirements.
This is particularly true when working with stakeholders, suppliers and other team members who are tasked with delivering against contractual milestones. Effective CMs are adept at establishing productive working relationships that enable them to respond quickly to these demands.
The CM often must rely on stakeholder staff to provide information about supplier performance or background to proposed contract amendments. This is why good CMs build strong working relationships with these people and are comfortable interacting with them. They must be able to communicate clearly and effectively and understand the need to keep others informed.
Training
Contract management is a unique and complex field. While formal education and training can help to build foundational skills, the nature of the work means that the expertise required for effective CLM is often built through ongoing learning opportunities and mentoring.
Contract managers are the maestros in a business-critical juggling act of creating, negotiating, implementing, managing and renewing contracts. They are big-picture thinkers who have an eye for detail, ensuring that important details don't get overlooked or lost in the shuffle.
Contract managers liaise with various stakeholders across the business, from legal to finance to sales and sourcing. They need to be able to improve communication, manage different agendas, establish a common goal, and foster a sense of inclusion and teamwork. To perform their duties they also need to be fluent in the language of contracts, which is often written in legalese that is difficult for non-lawyers to understand. This is typically gained through on-the-job experience and mentoring from an experienced contracts manager or lawyer.
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