4 Tips for Taking Control of a Growing Contract Portfolio

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.

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Reduce Contractual Risk with Online Contract Management

Contracts are designed to enforce accountabilities and reduce the risks of business relationships. But they can also introduce vulnerabilities to your organization, whether due to unfavorable languages and clauses, missed obligations or other scenarios that can arise during the contract management lifecycle.

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Solving the Problem of Poorly Performing Contract Management

According to a recent review by McKinsey, contracts with suppliers and vendors represent the vast majority of companies’ revenues. In fact, within some industries – including utilities, aerospace and food manufacturing – revenues associated with contracts can make up as much as 90 percent of total annual earnings.

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