Manufacturing companies had to deal with a number of contracts. As the industry’s scope extends to various other business, trading, and service sectors, manufacturing companies had to operate in a complex network of demand and supply sectors, which generate large volumes of contracts and subsidiary documents. As a result, lack of proper contract management or a weak process becomes a challenge causing compliance failures, missed deadlines, ineffective reporting, poor access control, and inefficient approval workflows. In fact, according to a research by the International Association for Contract and Commercial Management (IACCM), an average company loses 10% of its annual revenue due to ineffective contract management processes.
In addition, operating a manufacturing business comes with various types of risks and contracts are supposed to protect against these risks.
In this whitepaper, you will come to know the contract risks manufacturing enterprises face, how to identify, assess and mitigate these risks, and how automation of contract lifecycle management could streamline the operations of manufacturing enterprises.
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