One of the CM vendor is making a modest proposal to the CFO – and we agree:
A simple question of any CFO out there: have you considered the benefit of implementing a contract management solution to help squeeze efficiencies out of company budgets?
It may help in an era of tight liquidity and stingy capex to get more from operational expenses. Good contract management practices are estimated by the International Association for Contract and Commercial Management to save companies anywhere from 5 percent to 9 percent of revenue. Even at half of 5 percent (or a quarter!) you are probably talking about a lot of money, especially in larger enterprises.
Contract management solutions can help CFOs look at vendor costs in new ways, and may even help to find valuable cost savings.
Used in these ways, CFOs might find contract management software a valuable tool in tackling issues related to overhead and operational costs. That, in turn, might result in just a little more breathing room for budgets of all kinds.