Contracts are the foundation of commerce, and they support the entire manufacturing value chain including Engineering & Technology, Procurement, Production & Operations, Human Resource Management, Partner Management, and Sales & Marketing.
- Suboptimal contract terms combined with suboptimal fulfillment can cause an erosion of value equal to 9% of a business’ annual revenues. (World Commerce & Contracting Association).
- Growing customer expectations, disrupted supply chains, and changing regulatory requirements.
- Manufacturers are under pressure to leverage the terms contained within contracts to increase top-line and bottom-line revenues to minimize cost from suppliers.
- The problem can’t be solved with a contract repository alone. It’s not just a contract management problem, it’s an intent problem. How can you ensure the intent of every contract is fully realized and incorporated in the operations of the organization.
Contracts have a direct impact on the revenue and spend of an organization. But have you ever measured how well your contracts are performing for your enterprise?