Contract Management Essentials - Building Capability Through Assessment


Businesses today survive and thrive in a complex and highly competitive landscape. When it comes to risk minimization and value maximization, no organisation can afford to err and has to act wise enough regarding contract management.

Today, effective contract management is one of the essentials for businesses as it holds a direct impact on their bottom line. Australian businesses are recognizing the significance of strong contract management capability for maintaining operational efficiency.

Why is Contract Management Assessment Necessary?

ü  A comprehensive Contract Management Assessment establishes the foundation for you to improve. It lets you rightly realise your strengths as a business, and identify the gaps in your existing practices.

ü  It provides you with a structured evaluation of core business areas including incompetencies of staff, risk management protocol, and governance frameworks.

Is Self-Assessment Possible?

ü  When organisations decide to start with a Contract Management Self-Assessment, it enables their teams to benchmark their existing practices against industry standards.

ü  Self-assessment is an initial step that instantly shows areas of improvement that also draws a baseline for tracking future progress.

ü  The next step it implement a robust Contract Management Guideline that leads to consistency across the entire organisation. The second step gives a clear direction on creation, monitoring, execution, and closing procedures of the contract.

ü  The guideline serves as the mainstay of your complete contract management framework and clears way for setting up of standardized processes.

ü  The eventual outcome is improved compliance and reduced error.

Success completely depends on the contract management skills of your team. However, if you consider to strategically invest in various training & certification programs for them to effectively develop these capabilities, it certainly gives you substantial returns. 

Location: Level 6/365 Little Collins St, Melbourne VIC 3000, Australia

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