Targeting Risk with Effective Contract Management
In the contract management life cycle, what does “risk” entail? What are the areas of greatest risk? How can risks be addressed effectively?
Did you know that 60 to 80 percent of B2B deals are managed by contracts, with companies managing on average 20,000-40,000 contracts per year? If this critical business process is not handled accurately and efficiently, it can create significant risk and losses for an organization.
Comprehensive contract management – facilitated by a CLM solution – is critical to mitigating risk and reducing loss related to contracts. A contract management platform is an investment that offers tremendous ROI to any organization, including:
- Process streamlining and efficiency gains
- Improved business flow though insight into how contracts move, perform, and bottlenecks
- Reduced risk and improved compliance
- Source policy and contract language enforcement
- A way to develop policies and best practices around contracts
Even more importantly, a good CLM can provide overall ROI of 150-200% in one year.
