Skip to content
Contract Lifecycle Management – Icertis
  • Platform
    • ICI Platform
    • Business Applications
      • Clinical Trials
      • Collaboration Portal
      • GDPR Compliance
      • Matter Management
      • Obligation Management
      • Rebates and Promotion App
      • Proposal Management
      • Risk Management
      • Sourcing
      • Supplier Onboarding
      • Supplier Relationship Management
    • Experiences
      • Coupa
      • Microsoft
      • Salesforce
      • SAP
      • Workday
    • AI Applications
      • AI Studio
      • DiscoverAI
      • NegotiateAI
      • VisualizeAI
    • Blockchain
  • Solutions
    • Department Solutions
      • Corporate
      • Finance
      • Legal
      • Procurement
      • Sales
    • Industry Solutions
      • Consulting and IT Services
      • Distribution
      • Energy and Utilities
      • Federal
      • Financial Services
      • Healthcare Payer
      • Healthcare Provider
      • Life Sciences | Medical Technology
      • Manufacturing
      • Pharmaceutical
      • Retail
      • State & Local Government
      • Technology
      • Transportation
  • Customers
    • Customers
      • Best Buy
      • Daimler AG
      • Microsoft
      • Sanofi
      • Wipro
      • See All
  • Our Partners
    • Our Partners
      • Adobe
      • Microsoft
      • Salesforce
      • SAP
      • Workday
      • See All
  • Resources
    • Featured Resources
      • Analyst Reports
      • Blog
      • Case Studies
      • eBooks
      • Icertis CLM Toolkit
      • ICI Academy
      • Podcasts
      • Videos
      • Webcasts
  • Company
    • About
      • Leadership Team
      • Board
      • Corporate Responsibility
      • Careers
      • Events
      • Media Kit
      • Newsroom
    • Why Icertis?
      • Bold Vision
      • Enduring Commitment
      • Unrivaled Expertise
  • Links
    • Demo
    • Contact Sales
  • Platform
    • ICI Platform
    • Business Applications
      • Clinical Trials
      • Collaboration Portal
      • GDPR Compliance
      • Matter Management
      • Obligation Management
      • Rebates and Promotion App
      • Proposal Management
      • Risk Management
      • Sourcing
      • Supplier Onboarding
      • Supplier Relationship Management
    • Experiences
      • Coupa
      • Microsoft
      • Salesforce
      • SAP
      • Workday
    • AI Applications
      • AI Studio
      • DiscoverAI
      • NegotiateAI
      • VisualizeAI
    • Blockchain
  • Solutions
    • Department Solutions
      • Corporate
      • Finance
      • Legal
      • Procurement
      • Sales
    • Industry Solutions
      • Consulting and IT Services
      • Distribution
      • Energy and Utilities
      • Federal
      • Financial Services
      • Healthcare Payer
      • Healthcare Provider
      • Life Sciences | Medical Technology
      • Manufacturing
      • Pharmaceutical
      • Retail
      • State & Local Government
      • Technology
      • Transportation
  • Customers
    • Customers
      • Best Buy
      • Daimler AG
      • Microsoft
      • Sanofi
      • Wipro
      • See All
  • Our Partners
    • Our Partners
      • Adobe
      • Microsoft
      • Salesforce
      • SAP
      • Workday
      • See All
  • Resources
    • Featured Resources
      • Analyst Reports
      • Blog
      • Case Studies
      • eBooks
      • Icertis CLM Toolkit
      • ICI Academy
      • Podcasts
      • Videos
      • Webcasts
  • Company
    • About
      • Leadership Team
      • Board
      • Corporate Responsibility
      • Careers
      • Events
      • Media Kit
      • Newsroom
    • Why Icertis?
      • Bold Vision
      • Enduring Commitment
      • Unrivaled Expertise
  • Links
    • Demo
    • Contact Sales
Blog hero image
Home > Blog > Survey Shows Pharma Companies Are Losing Time and Effort to Inefficient Contract Management
Contract Intelligence Blog

Feb 11, 2020

Neal Singh

Survey Shows Pharma Companies Are Losing Time and Effort to Inefficient Contract Management

  • pharmaceutical worker in laboratory

Recently, Icertis teamed up with WBR Insights to survey 100 pharmaceutical leaders across the EU about how their companies are progressing on their digital transformation journeys.  As we’ve found in similar surveys in the past, contracts have emerged as a major pain point in these companies’ efforts to streamline operations.

In fact, the majority of respondents in this year’s survey say that contract disputes either delay or disrupt sourcing deals all or most of the time. This status quo is simply unacceptable. Business is moving too fast and competition is too strong to allow contracts to cause repeated delays.

In order to diagnose why contracts are such a sticking point for sourcing, we sought to gauge where in the buying motion companies were introducing contracts to the process.

An emerging best practice in procurement is concurrent contracting: contracts managed on a digital platform are created concurrently with the RFx, bidding and awarding rounds. This approach, also known as contract-centric sourcing, allows buyers and suppliers to determine acceptable contract language at the same time they negotiate things like price, meaning that when it comes time to sign a contract, all contractual considerations have already been made.

In any sourcing deal, the contract is the ultimate product; therefore, contract-centric sourcing designs the process around ensuring the contract is considered and well-built from the start.

Yet most companies surveyed this year continue to leave contracting for last. A full 28% admitted to not even considering contract language, saying it’s “legal’s problem.”

The fact of the matter is, if you leave contracting for last, the delays and disputes that so many companies face are all but inevitable. This leads to lots of finger-pointing between commercial and legal teams about who is to blame for the delays.

Even when contracts are ultimately executed at these companies, most of those surveyed say they are not confident their contracts adequately protect them from risk.

Contract-centric sourcing, enabled by contract management software, is a proven approach to supplier contracting that has allowed companies to accelerate business, protect against risk, and optimize business relationships.

As you read through the report, reflect on how your company treats contracts, and consider how a contract-centric sourcing approach could improve your business outcomes.

Get the report now.

Icertis Remains a Leader in the Q1 2021 Forrester Wave

Icertis has again been recognized as a Leader in the Forrester Wave: Contract Lifecycle Management For All Contracts Q1 2021 report. This is the second consecutive Wave report to recognize Icertis as a Leader. Read the report and learn more about the impact of CLM and why Icertis has been named a Leader.

Download the 2021 Forrester Wave Report

2020-02-26T15:15:23-08:00
❮Prev
Blog
Next❯

Explore more topics

  • Artificial Intelligence (AI)
  • Blockchain
  • Company Updates
  • Contract Intelligence
  • Contract Management Software
  • COVID-19
  • Icertis Culture
  • Industry News & Insights
  • Legal
  • Partner Stories
  • Risk and Compliance
  • Sales
  • Sourcing
  • Success Stories
The recognized analyst leader for CLM.
  • See a Demo
  • Contact
  • Platform & Software
    • Contract Management Platform
    • Blockchain Contract Framework
    • Customers
    • Experiences
    • Our Partners
    • Support
  • Solutions & Applications
    • AI Applications
    • Business Applications
    • CLM Solutions by Department
    • CLM Solutions by Industry
  • Resources
    • Analyst Reports
    • Blog
    • Case Studies
    • COVID-19 Resources
    • eBooks
    • Icertis CLM Toolkit
    • Icertis Group Demo
    • Podcasts
    • Webcasts
    • What is CLM?
    • What is Contract Management?
    • What is Contract Management Software?
  • Company
    • About Icertis
    • Awards
    • Careers
    • Contact
    • Leadership Team
    • Board Members
    • Events
    • Foundation
    • Newsroom
    • Media Resources
    • Why Icertis
  • English

© Copyright 2022 Icertis. All rights reserved.

  • Privacy Statement
  • Disclaimer
  • Cookie Policy
  • Sitemap