Contract Management
In Business
As the world economy recovers from recession, pressure to extract greater value from contracted relationships to avoid unnecessary costs and risks or to deliver customer projects profitably, has placed Contract Management at the centre of business strategy for the world's leading companies.
Can Contract Management be outsourced?
Like other key business processes, Contract Management process outsourcing is an area of outsourcing service provision that is growing rapidly. This growth has been driven by Legal Process Outsourcing (LPOs) service providers who are able to deliver efficiency savings by providing offshore contract authoring, review and milestone management services.
Typical Contract Management outsourcing services
The following is a list of Contract Management-related tasks and processes that are commonly covered by Outsourcing service providers:
- Contract discovery and audit services
- Contract drafting and revision
- Contract abstraction – provision of summaries of key items to be aware of from a contract, like milestones, obligations and such like
- Maintenance of legal clause libraries and play-books
- Scanning and profiling of paper contract documents
- Online contract repositories
- Alerting and notification services
- Governance, Risk and Compliance management services
- Management reporting services
- Claims and dispute management
Leading contract management process outsourcing providers
These are some of the leading or prominent Contract Management outsourcing service providers:
- CPA Global
- Integreon
- Genpact
- Accenture
- Infosys
- UnitedLex
- Thomson Reuters/Pangea 3
- Axiom
