Winning Practices for Effective Contract Management Performance
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"Winning Practices for Effective Contract Management Performance"
STUDY OVERVIEW
Every industry faces the challenge of establishing an efficient process for contract management. The objective of this benchmarking study was to better understand contract preparation, contract performance management and contracting group investment levels. The study findings will provide executives responsible for contract mangement with data to assess the effectiveness and efficiency of their contracting groups - relative to the benchmark class - and learn best practices across industries.
KEY TOPICS
- Contract Volume and Activity Levels
- Contract Standardization
- Error and Dispute Management
- Investment Levels
KEY METRICS
- Contract Execution Rates
- Average Cost per Contract
- Time Lapse between RFP receipt and Customer Signing
- Percent of Contracts with a Rebate
- Time Lapse between Customer Signing and Price Availability
- Standard Template Rates
- Standard Language Rates
- Percent of Invoices with Price Discrepencies
- Percent of Late Payments
- Percent of Payments Disputed by Customer
- Time Required to Resolve Payment Disputes
- Time Required to Process and Make Payments
KEY FINDINGS
- Organizations will benefit from frequent reviewing of their entire contracting process to identify areas for improvement.
- Use a simple and visible pricing system to improve efficiency of the contracting process on the front end and prevent problems on the back end.
- Organizations that make pricing and discount structures well known to customers find the contracting process becomes easier and it also helps their customers properly budget for their products.
METHODOLOGY
| This research was conducted on behalf of one of Best Practices, LLC's Global Benchmarking Council (GBC) clients and was based on survey results from 16 participants from 16 companies. The participants represent a cross-industry look at Contract Management. |
Contract+Management
Industries Profiled:
Medical Device; Consulting; Manufacturing; Energy; Aerospace; Consumer Products; Health Care; Computer Hardware; Computers; High Tech; Computer Software; Utilities; Pharmaceutical; Banking
Companies Profiled:
Becton Dickinson; Baker Hill Corporation; Lyndon Steel; British Petroleum; Turbomecanica SA; Cap Gemini; Coors Brewing Company; Davol; Kadant; Hewlett-Packard; Varolii Corporation; Johnson & Johnson Healthcare Systems; Microsol; Marvin Windows and Doors; Solvay Pharmaceuticals; Boeing
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