Contracts are the lifeblood of modern commerce. According to the International Association for Contract and Commercial Management (IACCM), the average cost of processing a routine contract is $6,900, while the cost for complex contracts run much higher. And that's just operational costs. What about the impact on the bottom line associated with vendors and customers not adhering to the terms of contracts?
Add security and regulatory compliance risk to the mix and the potential costs really start to add up. Many companies have little idea how much time and effort they spend on managing contracts and associated documents let alone the P&L and risk exposure. To maximize the value of your investment in a CCLM system, the first step is to measure what matters using standard industry metrics.
Peggy Barber, CEO, IACCM Americas and Colin Earl, CEO, Agiloft recently hosted a presentation on calculating the real-world value of modern contract and commerce lifecycle management. Watch the full webinar replay below: