I've been reading a great deal lately about the goings on in the Contract Management space. Driven, to be sure, by the increasing numbers of clients who are expressing an interest in our Contract Management solution.
What I've learned has been eye opening. More than a simple electronic filing system, more than a repository for paperwork that would otherwise end up in the filing cabinet, Contract Management is substantial tool for cost management.
I've seen data that suggests that a meaningful Contract Management can reduce the non-payroll portion of the expense line of a P&L by as much as 5%, and 60% of the Fortune 2000 are engaged in automating this process. One report, I believe it was a PriceWaterhouseCooper publication, suggested that the ROI on Contract Management technology platforms was as much as 10:1.
My question is...where are the other 40% and why aren't more mid market companies taking advantage of this cost savings tool?