Adhering to laws and government regulations, and monitoring compliance has evolved into a major concern for enterprises in recent years. It’s imperative to stay compliant, and failing to adhere can land organizations in trouble.
A McKinsey research found that:
- Companies have more than 90% of their annual revenue represented in their supplier and vendor contracts.
- About 80% of procurement functions are not fully aware of competitive terms and contract structures.
Contract compliance can make or break an organization. It cannot be overlooked, as the consequences can be crippling for businesses. On the flip side, large organizations can achieve up to 80% more savings than others using a well-defined contract compliance process.
Post-award contract management, also known as contract administration, has the potential to impact various aspects of business like revenue, reputation, and cost savings, all while managing the risks of contract non-compliance. CLM solutions help standardize business processes and increase oversight while reducing dependency on the in-house legal team.
Download the whitepaper to learn:
- What is Post-award Contract Compliance?
- Key Attributes of Post-award Contract Compliance.
- Why Contract Compliance Matters?
- Contract Compliance for different functions.
- How to Improve Contract Compliance with a CLM