If you are unsure whether you are facing a contractual risk, you likely need to invest in Contract Lifecycle Management (CLM) software.
Lowell, MA (PRWEB) March 20, 2017
Contract Logix, LLC – a long-time developer of Contract Lifecycle Management (CLM) software solutions – announced today the publication of a study of contract management professionals, specifically those in purchasing and procurement roles, from a variety of vertical markets regarding the tools they use, the challenges they encounter, and the obstacles that prevent them from optimizing their contract lifecycle. Entitled “Contract Management for Purchasing & Procurement Professionals: Roles, Tools, Challenges & Obstacles,” the study stems from a survey of 264 individuals who are responsible for creating, editing or managing contracts at their organizations but do not use purpose-built contract lifecycle management software.
One of several concerning findings of the study is that nearly one in five purchasing and procurement professionals either doesn’t know that contract management software exists, or doesn’t know what to look for in a solution, so they continue to struggle with a variety of tools and manual processes.
This study found that the most commonly used tools in manual contract management across all respondents were email and spreadsheets. Other findings of interest include:
- The inability to extract data from contracts was the most frequently cited challenge, followed closely by lack of centralization and lack of standardized language.
- Lack of budget was the most frequently cited obstacle to implementing a contract management solution.
“Contract Lifecycle Management software can help solve these challenges,” notes Timothy Donaghy, Chief Product Officer at Contract Logix. “As the CLM software marketplace matures, we expect these obstacles for purchasing and procurement professionals to be reduced.”
“Contract management is increasingly recognized as a critical competence in delivery of improved business results, tackling costly issues such as missed deadlines, failure to meet contract terms and disputes over scope. Without automation, these common challenges will persist, causing businesses to erode profit and lose competitiveness. This report shows the scale of the problems encountered by purchasing and procurement professionals and should be a call to action for anyone who cares about the future of their business,” according to Tim Cummins, President and CEO of the International Association of Contract and Commercial Management.
Per Gartner’s Nigel Montgomery, who covers the CLM space, “If you are unsure whether you are facing a contractual risk, you likely need to invest in CLM.”*
To download all the results of the study, go here: http://www.contractlogix.com/2017/03/download-contract-management-for-purchasing-procurement-roles-tools-challenges-obstacles-pr/
*Gartner, Hype Cycle for Procurement and Sourcing Solutions, 2016, Magnus Bergfors, Deborah R Wilson, Desere Edwards, 02 August 2016
For more information on CLM solutions by Contract Logix, visit http://www.contractlogix.com
About Contract Logix
Contract Logix is a longtime innovator and provider of Contract Lifecycle Management (CLM) software and professional services. CLM software from Contract Logix provides companies in more than 50 industries with the tools they need to efficiently draft, negotiate, approve, and manage their contracts. Contract Logix provides solutions that are purpose-built to address all phases of contract management from authoring to post-execution. Learn more by visiting the Contract Logix website at http://www.contractlogix.com.