Most industries have a large portion of their spending locked in numerous contracts. According to McKinsey, companies in utilities, aerospace, defense, and food manufacturing can have 90 percent or more of their annual revenues represented in contracts. With such significant value locked in contracts, there is a huge potential to optimize contracting processes for improved business performance.
With standardized contracting processes and best practices in place, contracts can be turned into high-value power machines enabling massive cost savings and immense benefits for any organization. They can be an effective tool for the legal and contract management teams to unlock maximum potential and value from the contracts.
- Cultivate a contract repository
- Standardize contract processes
- Measure contract performance
- Track cost of contract management
