Benefits of Contract Management

Barkers > Benefits of Contract Management

Benefits of Contract Management

Technological advancements, varying specialisations beyond the competence of any individual company, intensifying competition, a shrinking world, and ever-tighter timescales and margins mean the most basic products often involve the input of multiple companies, and from all four corners of the earth.

As processes become more complex, so too do the contracts that govern them. Managing these contracts is no longer advisable in seeing a business project through to completion, it is imperative to the success of your organisation, and Barkers can help you navigate this challenging environment

The Importance of Robust Contract Management

It must be one of the finest feelings in business. Your email inbox pings, or your phone buzzes in your pocket with news that the tender has been successful. The prospective client you have been toiling so hard to tie to a contract has accepted your proposal, and subject to the signing of some papers, work can begin.

The day that papers are signed are often finished off with the chinking together of champagne flutes and congratulatory back-patting. There’s nothing wrong with this, indeed it should be encouraged. After all, this why we get into business, for these moments.

Unfortunately, what also frequently happens once the bubbles have begun to dissipate, is these hard-fought-for contracts are filed away, and largely forgotten about until issues begin to arise. It is one of the most persistent and potentially damaging habits any organisation can develop.

Why has contract management become so important?

A travel back in time to mid-1700s Northern England, and one would have had to shout over the din of mills and factories spinning, pressing, and blasting their way to the forefront of the Industrial Revolution. Raw materials, imported via Liverpool from the New World would be carted towards forests of chimneys, and into the entrance of red brick behemoths. Days, often just hours later, finished products would be wheeled out through exit doors. Each stage of process and production completed within the colossal, foreboding walls.

Back to today, and the world is a very different place. Technological advancements, varying specialisations beyond the competence of any individual company, intensifying competition, a shrinking world, and ever tighter timescales and margins mean often, the most basic products involve the input of multiple companies, and from all four corners of the earth.

As processes become more complex, so too do the contracts that govern them. Managing these contracts is no longer advisable in seeing a business project through to completion, it is imperative.

Barkers can help you navigate this challenging environment.

Achieve your business ambitions with Barkers.