Here are some interesting statistics about contracts, their management and market growth, drawn from published sources around the globe.
The contract lifecycle management market is growing at a rate of 23%
It takes 3.4 weeks on average to draft and approve contracts
Over 10% of all executed contracts are lost
Most organisations have 20,000-40,000 contracts
60-80% of business transactions are governed by contracts or agreements
80% of Best-in-Class firms presently use contract management solutions to help place customers on contract compared to almost half that percent (42%) for all others....Leading firms are experiencing 90% contract renewal rate, 28% improvement in SLA/contract compliance over the past two years, 26% increase in total service revenue in the past two years
Poor contract management cost the City of New Orleans USD $4 million on a single project
Contract Management software solutions are now perceived to be even more important by Contract Management professionals in an economic downturn.
There is a desire to standardise on one single technology platform for management the contract lifecycle process
In 2008, 61 percent of users surveyed said they were deploying SharePoint enterprise-wide. Another 28 percent of those using SharePoint in departments today are expected to expand usage to the enterprise within the next 12 months
