Whether you manage your organization's contracts using Excel spreadsheets, shared folder solutions such as SharePoint, email, paper, or a professional contract lifecycle management (CLM) solution, some sort of process is being followed to manage your contracts. That process may not be consistent, and may vary individual to individual within your organization. However, the mere fact that some steps are being followed - however inconsistent or ad hoc - means data is being produced that creates contract management key performance indicators (KPIs) that can be used to benchmark and ultimately optimize your CLM processes. Whether it be the duration between certain steps in your process, achieving certain milestones in the process, or failing to achieve certain desired outcomes in your process, these all can be translated into KPIs that can be used to manage, and ultimately improve your contracting performance. In this white paper we will discuss 10 common KPIs used by many contract management professionals to measure, as well as optimize, their processes.
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