As global enterprises manage hundreds of contracts on an annual basis, manual management processes prove insufficient. Businesses are now migrating from rudimentary contract management systems and databases to full-fledged contract lifecycle management (CLM) solutions so they can track operational and strategic KPIs.
Companies must define corresponding key performance indicators (KPIs) for four key contract terms—total cost of ownership (TCO), reliability, quality, and innovation. While establishing KPIs for a contract, the focus should be on examining contract utilization, value, volume, overall performance, and historical data.
Pre-award stage of contract management can be riddled with delays and errors if not managed well. Download the Infographic to know the top pre-award metrics that help manage, measure and improve the performance of contracts at the pre-award stage.