From its initial days of being recorded on parchments, contract management is now approaching radical evolutionary stages such as the utilization of artificial intelligence(AI). Despite these advances, it’s important to observe that end-to-end contract lifecycle management (CLM) systems can be built only on the bedrock of sound contract management metrics. During the post-award stage, CLM metrics ensure that your organization derives maximum project value. Such key performance indicators (KPI) span the entire gamut right from performance and cost, ranging all the way to compliance. It’s essential to note that the most critical service delivery and management aspects of every contract kick in at this phase.
New advances such as artificial intelligence (AI) promise to take CLM functionalities to newer heights through the use of untapped data stores such as unstructured data. Present and upcoming legislation such as GDPR (General Data Protection Regulation) will also benefit from such developments.
This white paper is the second in Ultria’s contract management knowledge series. It comprehensively details the below 5 post-award metrics to be kept in mind by every contract management professional:
• Contract Performance Metrics
• Missed Contract Expiries
• Compliance Tracking
• Actual project value vis-a-vis initial project value comparisons
• The ROI Factor