How to Use KPIs for Successful Contract Management
Reporting & Insight
The only way to ensure that your legal team is operating efficiently is to establish clear goals, along with key performance indicators (KPIs) to determine whether those goals are being met. This is true regardless of which facet of the business you are seeking to manage.
KPIs help legal teams measure progress and achieve goals against contracts. When designed and used optimally, KPIs play a role in driving critical business actions, and can have significant effects on results and projects.
With respect to contract management, it may be difficult to identify which KPIs make the most sense to monitor because contracts vary so much from one situation to the next. Broadly speaking, however, the best KPIs for contract management are ones that are "SMART," meaning they are specific, measurable, achievable, results-oriented, and time-constrained.
To be successful your team must also understand how to recognize, establish, and monitor the most important KPIs for your specific contracts. But with so many conflicting business priorities, and required reporting projects, knowing where to start can seem like an insurmountable task.
We’ve created this guide to help navigate measuring contracting success in a concrete and succinct way.
The complete guide covers:
Tips for Getting Started with KPIs
Steps for Successfully Presenting Objectives and KPIs
Creating Effective KPIs for Key ContractIng Areas
Which KPIs to Actively Monitor SMART objectives
Tips for Ensuring Continued Success
We encourage you and your team to use this complimentary guide as a road map for setting your own unique goals for your corporate agreements.