| | September 20178CIOReviewENTERPRISE CONTRACTS MANAGEMENT IS A PROCESS. YOU MUST ANCHOR!By Bradley Martin, SVP Vendor Risk Management, Bank of HopeWe all lose when we ignore the Enterprise Contracts Management (ECM) process; even worse, we all start the process late in the lifecycle. The goal of most ECM workflows is to inventory and maintain a call-to-action process. That is, an inventory of all your contracts with a notification of effective dates, payment terms, performance monitoring, and termination dates, etc. These are all very important items to track; and yes, prepares you for re-negotiations when the time arrives. But you lost the most important advantage when you started the ECM process with the contract request from your business owner. You lost the ability to anchor. Given my background, I'll approach this process from the buy side of the business. However, the fundamentals can be applied to selling. Both sides need a contract; and anchoring is a concept I learned from the sales side. It was a process I understood innately but only recently learned to put a name to it; Anchoring.The ECM process should start the moment your business owner identifies a need that requires a third party. You as the owner of the ECM process need to make certain the business owners are well trained, so when they reach the point of in My opinion
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