Meeting Minutes: The key to a Successful Contract Management Process

When used well, minutes can be an extremely valuable tool in assessing progress and ensuring accountability in the contract management process. All too often, however, minutes are either overly long and complex or so brief as to be nearly useless. If you find yourself in either of these camps, it may be time to rethink your approach to minutes. Let’s take a look at a few reasons why minutes are important, and how you can keep them simple and effective

Reason 1: Minutes Help You Track Progress

There are a lot of moving parts in any given contract management process, which can make it difficult to keep track of everything that needs to be done. Meeting minutes provide a written record of what was discussed and agreed upon in previous meetings, as well as what still needs to be accomplished. This allows everyone involved in the process to have a clear understanding of what has been done and what still needs to be done, which can help avoid duplicated effort and wasted time.

Reason 2: Minutes Help Hold People Accountable

One of the most important functions of meeting minutes is to help hold people accountable for their actions (or inaction). When you have a written record of who was supposed to do what by when it becomes much harder for people to shrug off their responsibilities. If someone isn’t holding up their end of the bargain, you can simply refer back to the minutes from previous meetings and remind them of their commitments.

Reason 3: Minutes Help You ID Rework Issues Early

Rework is one of the biggest enemies of efficiency in any contract management process. When tasks are not completed properly the first time around, it inevitably leads to delays and cost overruns as those tasks have to be fixed or redone. Meeting minutes can help you identify potential rework issues early on so that they can be addressed before they cause any major problems. For example, if you notice that a particular task keeps getting delayed or pushed back due to incomplete work, you can raise the issue with the relevant parties and put processes in place to ensure that the task is completed properly the first time around.

So, there you have it. The three commandments of taking great meeting minutes and having a successful contract management process. Did we miss anything? If so, let us know in the comments below or on LinkedIn. And if you’re looking for a more efficient way to manage your contracts, be sure to check out our website or get in touch for a free demo or 90-day trial. Thanks for reading!