The research underlines the pivotal role Document Management plays in achieving contract management efficiency
EASY publishes a set of highly practical recommendations on how firms can tackle the issue of contract management tech adoption – and recover 9% extra profit
Bury St Edmunds, UK, March 7, 2016 – EASY SOFTWARE UK has today published CEO guidance on contract lifecycle management that shows how British firms are missing out on a possible 9% of lost profits through inefficient processes in this vital function.
The report flags the fact that the global body that represents contract management professionals, The International Association for Contract and Commercial Management, or IACCM (iaccm.com), has found that good contract development and management could improve profitability by the equivalent of 9% of annual revenue.
That body’s research also shows that over 60% of its global membership have implemented contract management software – but less than 30% have managed to get the same software to be properly internally adopted in their organisations.
In order to retrieve the profit lost to inefficiency, the report offers a series of very practical recommendations:
• Access A best practice contract management solution puts the contracts not just in the hands of those who create them, but also in the hands of the people who use them. To do this, organisations should look to create an internal template library to streamline contract creation, facilitate negotiation and automate the review and approval process
• Establish a method to handle custom agreements as these often have the highest risk and the best opportunity for reward
• Build in visibility to the contract pipeline.
The other clear message from the report is that a modern document management system is an essential underpinning for any kind of serious attempt to rationalise a business function and as central to good contract management.
Commenting on the findings, Howard Frear, Sales and Marketing Director at EASY SOFTWARE UK, said, “The research underlines the pivotal role Document Management plays in achieving contract management efficiency.
“It also highlights how, clearly, leveraging systems, information, and the right technology is the best way to position an enterprise to deliver value from contract management – and how if you start doing all these things, that 9% potential payback is achievable.”
‘Documenting and Sharing Knowledge’
The EASY-sponsored research and guidance has been carried out by technology and contract management consultant and IACCM writer Judy Ballou.
The study including a special foreword by Tim Cummins, the President and CEO of IACCM, who states, “Perhaps if we understand that many of today’s problems have resulted from technology, we might also accept that technology use is a key piece of the solution [but] will only be effective if we focus on defining a process, deploying skills, documenting and sharing knowledge.”
The guidelines, ‘Contract Lifecycle Management: Implementing Best Practices Into Your Processes’ are available to download here:http://www.easysoftware.co.uk/easy-white-paper-download/
An article on the document management community platform, thedmcollaborators, also discusses these results: https://thedmcollaborators.com
About EASY SOFTWARE UK
EASY SOFTWARE, founded in 1990 and listed on the Frankfurt Stock Exchange, is Europe’s foremost provider of integrated document management technologies. With more than 12,000 customers worldwide, global and local companies alike now rely on EASY’s comprehensive suite of scaleable document technologies to automate business processes, improve productivity and boost efficiency, as well as meet increasing regulatory requirements.
EASY promotes it extensive suite of document management solutions both directly and indirectly through a network of 200-plus global sales partners. More than 100 software development companies have created interfaces to EASY ENTERPRISE™, the company’s flagship solution.
EASY SOFTWARE is also a Microsoft Gold Independent Software Vendor (ISV) as well as being the second largest provider of SAP archiving solutions worldwide.
EASY is headquartered in Mülheim a.d. Ruhr, with further offices and subsidiaries throughout Germany, Austria, the USA, Singapore, Turkey and the UK. More information on EASY’s UK subsidiary can be found at http://www.easysoftware.co.uk
Carina Birt, Sarum
PR for EASY SOFTWARE
+44 1722 322916
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