Contract lifecycle management (CLM) is essential for growth in today’s competitive business environment. Going by IACCM (International Association for Contract and Commercial Management) estimates, 9.2% of an organization’s revenue is potentially lost due to inadequate CLM. Commercial and contractual issues are cited by IACCM as the primary cause in over 70% of troubled buy- and sell-side relationships.
Similarly, PricewaterhouseCoopers (PwC) observes that 12% of a company’s total annual costs might be committed to contract management and administrative tasks. This includes post-award or downstream activities, which can be broadly grouped into three general areas: service delivery, supplier relationship management, and contract administration.
It is essential to understand how your team can leverage contract management related KPIs. Here’s an infographic on on post-award metrics that empower contract management scalability.