Managing commercial contracts within the supply chain is becoming increasingly complex, the volume and variations can be overwhelming. Increased regulatory requirements, globalization, and the threat of supply risk are challenges to doing business in this current economic environment. A typical Fortune 1000 company may maintain up to 40,000 active contracts, controlling them manually is impossible. Left unmanaged, contracts often fail to achieve their objectives of both driving costs down and limiting legal and compliance risk. Up to 40% of a contract’s value can be lost without close contract governance, says a KPMG Survey.
This article was first published by Totp Solutions on https://topo.cc/topo-leads-digital-transformation-of-contract-management-at-wachsmuth-krogmann-far-east/