Do you need Enterprise Contract Management?

10 Questions for a self-diagnostic Test. If you can't tick these boxes you should investigate ECM:

1 Do you know how many contracts your organisation has?

2 Is somebody responsible for the contract 'process' (i.e. the whole lifecycle) in your organisation?

3 Do you know how many of your contracts have cost penalties or potential legal liability exposure, and what the aggregate value of your potential liability is?

4 Are all of your contracts renegotiated prior to the automatic renewal dates? Are you sure you are only paying annual software licence/maintenance fees that are needed?

5 Are you sure that you are charging accurately to all your customers?

6 Are you able to ensure local compliance to standard terms and conditions with your corporate contracts? Does legal have full visibility of contract variations-and do you know about all the risk you may be taking on?

7 If a key employee leaves, could you guarantee no loss of correspondence relating to a contract? Would the audit trail remain intact?

8 Can you determine all your contracts with a specific entity, Or in a specific country? Or calculate your total contracted revenue expected for the month?

9 Do you know how much time staff spend trying to find contracts, chasing up colleagues to determine location of contracts and sending them between offices? And is this acceptable?

10 Is contract management in your organisation as efficient as other key functions such as accounts?