(Note: This post was initially published on LinkedIn, and the following iteration is a syndicated and updated version of the same.)
The Olympic gold medalist Jesse Owens once said, “success starts with ChatGPT, 5G, hybrid work, and cloud computing.” To be honest, he never said that.
What the great Jesse Owens did say was “success starts with compete command of the fundamentals.” And just as in sports, fundamentals are the heart and soul of small and medium-sized business. Focus on the fundamentals and your business will succeed.
Resource Constraints and Growth Ambitions in SMBs
Ambitious small companies that want to grow big are often burdened by resource constraints. They may look to outside vendors to help with contract tasks, from drafting to execution to obligation management.
And while contract management technology can help businesses take control of contracts, actual knowledge of contracts and contracting by contract vendors is essential. You might even say having experienced, serious, cost-conscious commercial lawyers and contract specia.lists is, well, fundamental.
Related Read: Contract Management 101
The Significance of Knowledgeable Contract Vendors
Contract support professionals who are disciplined from years of working on contracts with top tier law firms, law departments, global consultancies, and premier legal services providers, are positioned to sustain and grow small business and their contracts.
They’ve supported the contract needs of Fortune 500 companies, and now bring that level of contract management to smaller companies which can benefit from it most.
Outsourced contract services have evolved to include cutting edge legal technology like automation, machine learning, artificial intelligence, generative AI including ChatGPT, natural language processing, and advanced analytics.
People-Centric Contract Management in the Tech Era
No disrespect to legal tech, but contract support is, fundamentally, about people. People working with technology.
Trained in the substance and process of commercial law and knowledgeable about contracts used by small business every day. The most complex contracts. Hundreds of contract types. Hundreds of thousands of contract pages. People who are collaborative, responsible, and accountable.
Contract management technology never arises to its fullest potential without professionals who have complete command of the fundamentals of commercial law. They optimize legal tech to its fullest potential so small business gets contracting right. Give these contract professionals a gold medal for determination.