There is no deal without contracts. They are the basis of our day-to-day-business. Their content is important, and the future of every company depends on them. Contracts determine prices, conditions, timelines and the collaboration with partners. They may contain numerous risks and opportunities. Therefore it is surprising to see most of the companies still do not have an overview or monitoring over all existing contracts. Often their handling and filing is still left to individuals. That is how mistakes happen and companies lose money. In the study it is shown how an improvement of your contract management leads to an improvement of your business success.
The study can help you answearing the following questions:
- Should my enterprise or department improve its Contract Management?
- What should be the objectives of good Contract Management?
- How do other companies organize their Contract Management?
- On which Maturity Level is my enterprise/department?
- What can I learn from Contract Management experts?
Key Findings
Contract Management is still insufficient in European companies. According to our survey, only eight percent of the companies regard their Contract Management as best practice. Main reasons for the poor results are weaknesses in organization and processes: Only nine percent of enterprises operate the complete Contract Management centrally. Half of the companies have no key department for any related tasks at all. In addition, the enterprises see significant need for improvement in some of the most relevant contract-related processes, such as reporting and analysis options (70 percent), IT tools for support (62 percent), tracking of contract history and drafts (58 percent) or monitoring of commitments and terms (57 percent).
With the study, we would like to encourage you to think about the organization and processes of your Contract Management to improve your business success.
Self-Assessment Tool
How does your company perform? Benchmark your Contract Management and determine potential areas of improvement with the BearingPoint self-assessment tool!
Workshop “Excellent Contract Management”
We plan a client workshop “Excellent Contract Management” including intensive discussions between the participants on how to improve Contract Management processes and organization. If you are interested please feel free to send us your contact details.
Further Information
Further Information concerning Contract Management will be available soon.
Contacts
Claudia Georgi, +49.172.3952736, ecm@bearingpointconsulting.com
Steffen Tampe, +49.172.6767419, ecm@bearingpointconsulting.com
