The 2016 Contract Lifecycle Management Report: How do you measure up?
A new report from PayStream Advisors finds that an automated contract lifecycle management (CLM) solution can lead to faster, more profitable negotiations, yet fewer than 25 percent of business are using an automated system.
According to the PayStream Advisors 2016 Contract Lifecycle Management Report, most organizations labor under inconsistent contracts, repetitive processes as well as cumbersome and costly contact creation and negotiation. It’s no surprise that contract management has increasingly come under scrutiny by managers at so many organizations as a cost center they need to fix.
So, what’s the answer to a problem that plagues most businesses?
PayStream finds that organizations that implement a contract lifecycle management (CLM) solution not only experience faster, more consistent processes – making life easier for contract management teams – but also meet the expectations of upper management when it comes to:
- More profitable negotiations
- Increased compliance with government or corporate regulations
- Reduced labor costs
- Eradication of auto-renewing contracts
- Better relationships with suppliers
- Reduced supply chain risk and increase continuity of supply
In addition to contract management survey data from a variety of industries, the 2016 Contract Lifecycle Management Report discusses what to look for when selecting CLM software. The report is a helpful starting point for organizations looking to bring more security and efficiency to contract management processes.