Many organizations are increasingly worried about the expenditure involved in contract management. In fact, it will be difficult to refute the argument that nearly 75% of the legal expenditure emanates from contract management which ultimately leads to the hair-splitting question of how to reduce the expenditure on contract management. However, the questions do not stop there. In recent years, many organizations have faced the difficulty of managing the inflow of work with the limited number of resources rendering them unable to do strategic work rather than routine tasks which can easily be completed using 3rd party services. At Lex Process, we can reliably answer questions relating to accountability, regulatory compliance, client satisfaction and revenue loss arising from missing contractual commitments or renewals.
Using 3rd parties to manage your contract management needs can be a key denominator in taking the stress out of contract management. Advantages can be manifold but is most likely to include the following: