October 21, 2020
By: Meghna Parikh
“As the adage goes, “What cannot be measured, cannot be managed.” One of the key value propositions of better contract management is better data. Now, with the use of contract management tools, you can measure and report on metrics like contract volume, contract value, and contract status. Once you have these metrics, you can leverage them to manage contract workflow and approvals, assign work to your team of contract reviewers, conduct resource planning, and report powerful Key Performance Indicators (“KPIs”) to the executive team. Thus, tracking contract KPIs is an important concept to master and implement correctly. But are you tracking the right metrics? Do your metrics communicate value? Are your metrics an accurate representation of the work your contracting team does?”
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