Contract portfolios are larger than ever before, and many organizations are struggling to keep up. According to IBM, Fortune 1000 companies now manage an average of 20,000 to 40,000 active contracts at any given point in time.
While you may not have quite so many contracts on your plate (or maybe you do), having a growing contract portfolio causes issues such as poor contract management performance and a high rate of human error.
Meanwhile, McKinsey & Company estimates that suboptimal contracts and poor processes cause organizations to lose an average of 9 percent of their annual revenue.
The good news is that you don’t have to sit helplessly and watch as your contract portfolio balloons far beyond your control. By following the 4 tips below, you can regain control of your contracts and make your contract management processes more efficient and effective.Read More