When CFOs realize that revenue leakage totals nine percent of revenues for the typical corporation (according to a recent Aberdeen report), they are left with no alternative but to seek ways of stopping the outflow. A good place to begin is with unbooked revenue, an important component of leakage, yet one that is often overlooked.
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Sales forecasting drives sales efforts but, typically, the processes used to create those forecasts are not only error prone, but based on techniques that are most charitably referred to as “unscientific.” Although sales force automation systems were supposed to improve this situation, low adoption rates and inaccurate data entry tends to minimize the forecasting value of these solutions.
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A newly released Aberdeen Report entitled “Contract Lifecycle Management and the CFO,” indicates clear benefits to companies that take advantage of best in class contract management practices. As compared to companies lagging industry standards, those relying on best in class practices spend almost 30 percent less for on-contract spend, experience 20 percent greater sales orders and revenue recognition compliant with contracts, and renew 27 percent more contracts.
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Late last year, the Congress approved a set of amendments to the Federal Rules of Civil Procedure (FRCP) which, though largely ignored in the word of contract management, have the potential to create havoc.
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In attempting to meet a contract management requirement, some companies consider leveraging a legacy enterprise content management (ECM) system. Although this may be a good choice if contract storage, distribution, and access are the primary concerns, it should be made clear that ECM solutions are simply not architected to facilitate efficient contract authoring.
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