Breaking Down Silos: The Power of Legal and Procurement Alignment

If you're part of a legal or procurement team, chances are you've seen it firsthand: the time-consuming and inefficient process of getting new contracts vetted, approved, and signed. While it's natural for the two departments to work independently, silos can lead to inefficiencies and prevent teams from realizing their full potential. 

But here's the good news: by encouraging collaborative partnerships between legal and procurement—breaking down silos—teams can start seeing major improvements to business operations and bottom-line results. So where do you begin? Our new guide, Legal, Procurement, and the Power of Better Partnership, covers six silo-breaking ways to align legal and procurement teams for good.

How Legal and Procurement Teams Can Work Together

Aligning legal and procurement teams helps your company in two key ways: it lets you take advantage of new opportunities faster, and it creates greater efficiency when it comes to contract management. Here are three effective strategies for achieving better alignment between legal and procurement teams:

1.) Create Clear Goals & Objectives

Establish clear goals that both legal and procurement teams can achieve together. This will help establish a system of accountability while also providing an incentive for collaboration. Develop a common understanding of what success looks like by creating shared metrics that both teams can use as benchmarks.  

2.) Leverage Technology

Automation tools such as eSignature platforms and contract lifecycle management (CLM) tools make it easier than ever before for legal teams to collaborate with procurement departments on contracts without having to worry about tedious paperwork or time-consuming tasks like data entry or scanning documents manually into the system. Leveraging technology also makes it easier for both sides to track progress on their projects in real-time—leading to faster decision-making overall.  

3.) Communicate Regularly 

Communication is key when it comes to aligning legal and procurement teams efficiently; ensure all stakeholders are kept up-to-date on changes in project status, deadlines, or other important information related to contractual agreements or negotiations. Keep communication lines open by holding regular meetings (virtual or otherwise), setting up alerts when milestones have been met or missed, and using a contract management system that keeps everyone informed throughout the entire process from start to finish.

By working in tandem, legal and procurement teams can better support business objectives, expedite contract management processes, and boost ROI. Developing clear goals and objectives, leveraging technology, and regular communication are all key steps for the successful engagement of both departments. 

If you want to boost your organization's success, download our new guide, Legal, Procurement, and the Power of Better Partnership. Start building a strong relationship between legal and procurement teams today.