Contract Management is still insufficient in European companies. According to our survey, only eight percent of the companies regard their Contract Management as best practice. Main reasons for the poor results are weaknesses in organisation and processes: Only nine percent of enterprises operate the complete Contract Management centrally. Half of the companies have no key department for any related tasks at all. In addition, the enterprises see significant need for improvement in some of the most relevant contract-related processes, such as reporting and analysis options (70 percent), IT tools for support (62 percent), tracking of contract history and drafts (58 percent) or monitoring of commitments and terms (57 percent).
With the study, we would like to encourage you to think about the organisation and processes of your Contract Management to improve your business success.
The BearingPoint self-assessment tool can help you to identify what your enterprise needs to improve.