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3 Contract Management KPI’s You Should Be Tracking

Contract Management KPIs measure whether the objectives of contract management are effectively met or not. Starting from renewal requests, contract managers need to regularly compute the contract performance measures like minimizing risk, sustaining compliance, and increasing productivity. These contract performance measures can be calculated using KPIs to readily know the success rate of a contract management process. Broadly speaking, the ideal contract management KPIs are the u201cSMARTu201d ones.

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3 Contract Management KPI’s You Should Be Tracking

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  1. Contract Management KPI’s Three KPI’s you should be tracking.

  2. Contract Management KPI’s • Every contract management strategy focuses on accomplishing success metrics like enhanced performance, improved visibility, reduced contract risks, boosted productivity, reduced costs. • But depending on different organizations, their objectives, and processes, the contract management procedure also stands out as unique. Contract performance measures, therefore, need to be analyzed based on every organizational goal.

  3. Contract Management KPI’s • The finest solution for this is to keep a check on the whole contract process using the key performance indicators (KPIs). • Contract Management KPIs measure whether the objectives of contract management are effectively met or not. • The finest solution for this is to keep a check on the whole contract process using the key performance indicators (KPIs). • Contract Management KPIs measure whether the objectives of contract management are effectively met or not.

  4. Contract Initiation Lifecycle (CIL) • How long does it take to close a deal? • The timespan that takes to complete an entire contract lifecycle differs based on the contracting types, scope, demands from both the parties, negotiation phases, contract designing, and execution. • An automated contract management software can be used to keep track of the live contracting process to decide and rectify the areas of improvement based on time and profits. • CIL is considered as one of the most important contract management KPIs used to measure your contract management ROI.

  5. Annualized Contract Value (ACV) • An important contract performance measure is annualized contract value which is the average annualized revenue per customer contract. • This is considered vital because the revenues of the contract agreement and requirement for timely renewal are analyzed under this KPI. • ACV is beneficial for comparing recurring contracts against lost contracts and new contracts.

  6. Consistent Quality • Quality check is another important contract management KPI that needs to be measured. • Maintaining a consistent quality on time, add value to the contracting relationship. • Promptly keeping up with the quality check of the contracting process is a vital factor for analysing the contract performance measure.

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