As your contract management capabilities grow, you’ll experience dramatic improvements in the speed and efficiency of the procurement process. Answer these 10 questions to determine your current stage.
Contracts are created using spreadsheets or word documents, and stored in one or more simple repositories across the enterprise.
Contract management is a 100% manual process. Lacking standardization or any kind of meaningful controls, the system wastes time, money and resources, while exposing the enterprise to unnecessary risk.
Add search and other functionalities to benefit from improved efficiency.
Ability to identify duplicates, conflicts, obligations and rights with reports that are tied to transaction systems.
Although some controls are in place, the contract management process isn’t fully automated across all the steps, from authoring to optimization.
Add automation features to improve usability and realize significant productivity gains.
Simple workflow controls provide an ability to author contracts in compliance with legal standards and corporate guidelines.
Limited integration restricts the visibility into the process, making it difficult to identify areas for improvement.
Add detailed analytics to gain insights into every aspect of contract performance, make informed decisions and identify areas for improvement.
More complete and effective compliance controls with contractual benefits and commitments.
Though the functionality is robust, the contract management system doesn’t scale across the entire global enterprise.
Add the ability to adapt to changing business conditions, and receive the maximum business value from every contractual relationship.