The Benefits of Contract Management
Several surveys and statistics from the Nordics and on the global level have shown concrete and measurable business benefits of well-run contract management:
Improve timeliness, availability and security of the contract information
- Contract information is always easily available and delicate information is handled with highest safety
- The time used for contract management decreases even 30 %
- Level of compliance that can be as high as 99 %
Optimize contract utilization and cut costs
- Know exactly which rights your organization has and actively utilize them
- Better transparency for both legal and financial risks and their effects
- Surveys shows that with optimized contracts the results has been average +2 % in growth and -7 % savings in procurement
Create better contracts with less work hours and lower risk
- Lead time of the contract negotiations shortened 50 %. Saving one day in sales negotiations brings in average savings as sizable as 60 000 Euros in a year (in larger enterprises the figure is in average 155 000 Euros)
- Find and automatically prevent even 90 % of the most typical errors and risks in the contracts
- Improve internal customer satisfaction even 30 %
Sources: Aberdeen, IACCM 2007, 2008, 2009.
