The 2016 Contract Lifecycle Management Report: How do you measure up?

digital-back-officeA 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.

Download a copy of the report here, or visit OnBase.com to learn how enterprise content management (ECM) can support contract lifecycle management.

Danielle Simer

Danielle Simer

Danielle Simer is a marketing portfolio manager at Hyland. Her mission is to share best practices and evangelize the power of enterprise content management (ECM) as a tool to automate paper-based processes and improve operations across accounting and finance, human resources, and contract management. Danielle joined Hyland after more than six years with a research and advisory firm devoted to helping senior executives manage their departments and teams more effectively. She received her bachelor’s degree from The Ohio State University and her MBA from Georgetown University’s McDonough School of Business.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may also like...