The causes of these problems may be all too familiar. Ownership of contracts migrates across various individuals and departments, with each business unit applying its own system before slinging the contract 'over the wall' to the next department.
| Inefficiencies accumulate and collaboration is weak. No one owns the whole process. And the contract only becomes visible when it fails-at which stage fingers are pointed, costs mount, and company's reputation takes a beating. This dislocation between 'islands of information' is all too common. It means that risks are not visible and so not managed. And that information is fragmented and inaccessible, resulting in lost opportunities to increase revenues and reduce costs and risks. Three conclusions are inevitable: | A FTSE100 company reported savings of £4.7m on total IT budget of £100m, due to better contract management |
● You have a responsibility to your shareholders to manage your business contracts effectively and efficiently;
● The only solution lies in dedicated, professional management of the entire contract process;
● The benefits will be all pervasive-including better risk management and more valuable commercial relationships.