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2006 Contract Management Benchmark Report
Sales Contracts
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Sales contracts today dictate virtually every aspect of a business relationship, including payment terms, pricing, service levels and discounts. As the complexity of contracts increases, it becomes more difficult to monitor and track obligations, dates and other commitments. This is where Contract Lifecycle Management (CLM) proves to be of great value in streamlining and making processes more efficient, improving accessibility and visibility into customer contracts, and ensuring everyone in the organization applies the terms of the agreement in a consistent manner.
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AberdeenGroup surveyed approximately 165 industry executives for this benchmark report.
Key findings include:
- Companies track only 68% of their customer contracts, meaning that almost a third are forgotten, not being serviced, or improperly managed.
- 85% of companies are using either manual processes to manage sales contracts or systems that are partially automated or disparate.
- Best in Class companies achieve contract renewal rates of more than 90%, as compared to the average of about 60%.
- Best in Class companies also have shorter sales cycles because their contract cycle is approximately eight days, versus 25 days.
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Download this report |
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“Our latest benchmark report provides insights into the benefits of automating the contract management process and how this has helped improve performance, included are also some practical, actionable steps to improve the efficiency and effectiveness of current processes within a company.”
-- Vishal Patel, Aberdeen research analyst and author of the report |
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