2 out of 3 companies have no control over the risks and commitments associated with managing their contracts, according to a study by Aberdeen. This is where the contract manager comes in.
In addition to responding to these shortcomings and problems, this legal and financial professional plays a strategic role within the company.
In this article, we’ll look at the 5 qualities that make a good contract manager .
5 qualities of a good Contract Manager
A contract manager occupies a key position in the corporate world, managing contracts throughout their entire life cycle. In other words, from their creation through to their negotiation, signature and monitoring, right up to their closure.
He needs to know the science of contracts inside out, and be able to juggle different players and areas of expertise.
The contract manager is a Swiss Army knife with 5 main qualities.
1. Legal expertise/knowledge… to understand the issues behind contracts
It’s on the rise in Europe, and making its first timid steps in France: the contract manager’s job is to respond to the risks of financial loss or loss of competitiveness linked to customer disputes.
Responsible for managing the contract cycle, he is involved from the creation of the offer to the customer, through to auditing and reporting.
A true expert in the legal and financial fields, the contract manager draws on his or her different areas of expertise to bring them together.
This enables it to anticipate and control the risks of contractualization processes.
2. Analytical and synthesizing skills
As we saw above, the contract manager manages the entire contractual life cycle in support of project completion, and is therefore able to combine a wide range of legal, financial and commercial skills.
He or she has a comprehensive understanding of the issues at stake, and knows how to draw up a financial payment plan, manage technical risks, anchor the project in legislation, and master various software programs to save time on a daily basis for all stakeholders.
But a good contract manager is not (only) endowed with technical skills: he also deploys great human qualities to facilitate the work of those involved in the project.
3. Project management skills ????✈️
The contract manager is involved at every key stage of the project he or she is directing: in fact, he or she is the conductor of the orchestra, and must be able to appropriate the language of each of the players, as well as the issues, skills and problems associated with his or her tasks.
Endowed with natural leadership, he or she ensures project governance by deploying a clear managerial line. And for more effective management, most contract managers today use the Agile method. Focused on people and communication, it ensures transparency in exchanges and ensures that obligations are reciprocal and fair.
A specialist in project management and framing, the contract manager is definitely an operational player working to improve performance.
4. Good listening, communication and interpersonal skills
According to the Association Française du Contract Manager, today 83% of companies recruiting a contract manager give priority to two qualities: interpersonal skills and know-how.
This is understandable: as the central element of the project, this professional must have both excellent interpersonal skills and a keen sense of negotiation, so as not to hurt anyone and create a good working dynamic. Their natural empathy enables them to adapt and listen.
It fosters dialogue, reinforcing team proximity during all phases of work.
The contract manager also knows how to educate and popularize. As an operational support to multiple contacts, he/she knows how to integrate them and mobilize them around the project.
5. Rigorous and organized
The contract management sector is constantly evolving. That’s why contract managers need to be rigorous. To avoid getting lost in the flood of information, they must keep an active watch on legal, economic and financial issues.
What’s more, he’s involved in every phase of the project, sometimes spanning several years, and deals with multiple collaborators. As a result, he or she is able to develop a transversal vision of contractual levers and deploy a clear methodology, without forgetting to demonstrate consistency, rigor and organization.
Bonus: use the right software
In addition to new digital solutions such as chatbots, blockchain and smart contracts, there are numerous software solutions, such as contract management software, also known as CLM. Among them, the DiliTrust solution.
Their mastery ensures automated contract monitoring and optimization of every stage in the project cycle (cost reduction and revenue maximization, rationalization of low-value-added tasks, improved team collaboration, etc.).
This simplifies the administrative side of the business, giving contract managers the opportunity tooptimize their time resources, and thus gain in productivity and efficiency.
In short, while the profession of contract manager is still in the early stages of its emergence in France, it is gaining ground and moving towards greater cross-functionality and responsibility.
With its emphasis on interpersonal skills, this profession offers excellent prospects, benefiting both the company and the employee.
