What Contract Metrics Should You Track?
There is a lot of information to keep track of in your contracts, from sheer contract volume to contract value and cycle time, to name a few. Fortunately, with a dedicated contract lifecycle management program, businesses can accomplish these tasks and more.
But, which metrics will aid businesses in unlocking contract values that have not been utilized, and generate true improvements in contract processes?
Take a look at this set of webinars that closely examine this very topic.
Starting with beginner metrics is the obvious first step, but it’s important to keep in mind that the term ‘beginner’ does not mean these metrics are the easiest to track when a business has thousands of contracts.
The most easily accessible metric is contract volume, including both internal and third-party contracts. From there, the contracts can be counted by type, business unit, and geography.
For intermediate-level metrics, businesses can track overall turnaround time, cycle time, and contract value. Needless to say, determining these metrics is more complicated than putting a dollar amount on a given contract.
Take a look at the following information to determine why these metrics are critical to starting a business journey in the following webinar.
Once a business has navigated beginner and intermediate metrics, it’s time to progress to the more advanced metrics that help companies take a proactive approach to contract management.
These metrics include tracking industry trends, vendors, and performance, which helps create an approach forecast and meet budgetary or revenue-related goals more effectively.
Listen to the following webinar to examine clause analysis and determine how this metric can streamline your contracting and reduce risks within your legal team.
Start Contract Metrics Reporting
If you want to learn more about using dashboards and reports to track your company’s contract metrics, take a look at this training information that goes over dashboards and reports.
Contract lifecycle management metrics give business teams a closer look at the way their contracts perform, as well as helping the company better track and analyze the information that the team’s contracting behaviors present.