Best-in-class organizations regularly measure the performance of their contracts through internal metrics and against industry standards and leading practices. Robust contract management drives compliance, efficiency and value through the utilization of key performance and financial metrics and effective implementation of controls across the lifecycle of the contract.
What are we seeing in the market? Organizations have started realizing the value of establishing an effective contract management framework. The board of directors and CXOs recognize the direct impact of effective contract management on improving the bottom line and building strong relationships with customers and vendors.