The global downturn has had a profound effect on the manner in which companies do business with their trading partners. Given that contractual agreements are the basis for a majority of these customer and supplier agreements, nowhere has this impact been more evident than in the contract management function. More companies than ever before are turning to contract management-seeking a higher percentage of transactions covered by contracts, risk mitigation, lower costs, increased compliance and improved efficiency. Many independent analysts and contract management vendors echo this focus through a heightened interest in companies seeking to automate their contracting lifecycle.
Success in today's economy requires the acknowledgement of a "new normal" state of affairs. Those who embrace this concept will benefit and emerge as the next-wave market leaders. For these individuals and organizations, contract management will grow into competitive advantage. Those who do not will have a more difficult time rebounding when the economic climate turns for the better. Click here to download.
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