Commercial

In technologies fast-changing world, businesses seek new ways to grow. They want to expand their reach and improve their offerings. Partnering with other experts yields powerful business results. The goal is to create a network that boosts business capabilities and market reach.

In a recent release the IDC, a global market intelligence firm, has predicted that worldwide Digital Transformation technology investment is set to reach at least $7.4 trillion over the next four years alone. Alongside this, it is expected that technology transformation will account for the majority of IT spending. Businesses are expected to no longer prioritise maintaining existing technology but rather look to transformation as technologies continue to evolve.

Hybrid working is now becoming commonplace within many organisations. Following the national lockdown, many were forced into this, but many also found that remote working had a plethora of benefits, namely cost saving but also, surprisingly, productivity. Employing remote working within your business comes with advantages like this as well as the ability to widen your talent pool, but it does also come with its disadvantages to.

We have delivered a number of Contracts Transformation projects for our clients, showcasing the tangible benefits that can be achieved from this process including cost savings, improved efficiency and risk mitigation. See our graphic below for an overview of how we approach contracts transformation projects.

The growth in cloud and infrastructure technologies has given companies the ability to store, analyse and make decisions using advanced tools and drawing from huge data lakes. As emerging businesses enter their respective marketplaces, they are no longer needing to be digitally transformed as they are already digitally enabled. This gives them the edge in building scalable business systems, processes and infrastructure to support their operations.

Whether you are on the customer or supplier side, contract price types can often be misunderstood and not used to their full potential. It is important to understand the context of the engagement you are looking to contract, and the most appropriate price type to manage risk and incentivise performance.

Open Book Contracting is a commercial and procurement model which advocates transparency between clients and contractors. It is driven by the open and timely sharing of information to ensure that operational, commercial and programme decisions are taken in the best interests of both parties to enable delivery of both parties’ obligations to meet the desired outcomes of the contract. It enables the appropriate transfer of risk and can be used to financially (or otherwise) incentivise suppliers around key business drivers and TCO reduction targets.

Covid-19 has impacted the construction industry in a huge way. We have worked on a number of construction projects and have first-hand experience of the impact that new ways of working are having on the industry.

In today’s digitally connected world keeping contracts in the filing cabinet is archaic, and businesses are understanding why Sharepoint and File Drives are also not the optimum solution to storing you contracts properly

Contracts can be complex. Here are 6 key things you should be reviewing.