The solution: a professional and automated contract management process

As we have shown, poor management of contracts raises huge risks and costs. And it is the responsibility of senior executives to ensure their company has a robust process in place.

Any management process should provide visibility, control and flexibility. However, many companies currently find that contracts fall outside the departmental structure. So nobody is responsible for the process, there is no overall or aggregate visibility-and hence no control.

The key is to organise a system around the process. To achieve this, you should:

● Assign responsibility for the process of managing contracts

● Define a process that proactively seeks benefits

● Establish a central repository of information

● Use technology to support your processes

Quick benefits may come from tackling just one type of contract, but an enterprise-wide approach pays off in the long run.