According to a survey in the Journal of Contract Management, 81 percent of Global 2000 companies said that finding contracts was a concern, while 75 percent of the surveyed firms listed contractual risk as a major area of concern and 61 percent had no idea of the interdependencies among their contracts.

Although contracts clearly are a source of worry for many organizations, there are straightforward steps that lead to control of the process. Goldman Sachs reports that contract automation could accelerate negotiation cycles by 50 percent, reduce erroneous payments by 75 to 90 percent and cut operating and processing costs associated with managing contracts by 10 to 30 percent. Meanwhile, PricewaterhouseCoopers concludes that organizations could realize savings that equate to 2 percent of total annual costs by eliminating inaccuracies and noncompliance through improved contract management.

To take the first step toward taking control of contract management, public-sector purchasing departments and other organizations can attend a free webinar presented by IBM and InfoTrends, “Maximizing Your Contract Management Process: Six Ways to Improve Consistency, Confidence and Control.” The live, interactive webcast will take place at 9:30 a.m. PST/12:30 p.m. EST on Oct. 28.

Omri Duek, senior research analyst for InfoTrends, and Dan Bigos, director of industry marketing for IBM Enterprise Content Management, will explain contract lifecycle best practices and discuss how you can make contracts work better for you.

To register for this interactive webinar, click here.