Establishing ROI:

Many companies are now investing in contract management software to augment their contract management processes in a way that provides greater visibility and mitigates risk, while automating some of the more time-consuming steps in these processes.

Two essential considerations when purchasing a solution are:

  • How much money are you investing in the solution?
  • What value return will that investment bring back to your business?

Teams of Legal and Contracts specialists and Sales teams are directly impacted by adopting ContractPod® as your contract management solution. If you’re working with an internal legal team, you’ll see an increase in their output – because they’ll be spending less time on  time-consuming tasks involved in the contracts process; and, if you’re working with an external legal team, you’ll see savings reflected in the number of billable hours they spend on your work.

After you implement ContractPod® as your contract management solution, your sales reps will spend less time overseeing the negotiation and signing process, and more time seeking out new business.

 

Quotes regarding contract management software ROI:

Goldman Sachs estimates that companies spend almost 5% of their revenue to track agreements after signing a contract. ompanies using contract management software can reduce annual contract management expenses by 20% – 50%.

Source: Goldman Sachs

PricewaterhouseCoopers has found that 12% of a company’s total annual costs may be devoted to contract management and administrative tasks.

Source: Pricewaterhouse Cooper

CM Analysts say about contract management software: 1-2% improvement in revenue; 50% reduction in contract cycle times;25% improvement in contract renewal rates; 55% improvement in contract compliance.

(Source: Forrester and Aberdeen)

The IACCM estimates that 9.2% of an organisation’s revenue is potentially lost due to poor contract lifecycle management (CLM).  They add that commercial and contractual issues are the primary cause in over 70% of troubled relationships with buy and/or sell side vendors.e.

(Source: International Association for Contract & Commercial Management)

ContractPod® CLM: approximately 150% to 200% payback in one year:

It makes sense that a wise investment for any company is one that returns the initial investment within a few months. Companies which have implemented ContractPod® CLM tell us that it can deliver a 150% to 200% payback within a year .

Contact us today for a full demonstration

We believe it’s time all businesses should be able to afford and readily implement a state of the art contract and document management system.

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