Recent survey by Aberdeen Group finds that more than 50% of 221 companies surveyed are using or planning to invest in contract lifecycle management (CLM)

EDMONTON, ALBERTA, CANADA — Upside Software, the global leader in Contract Lifecycle Management and Contract Commitment Management software offers free access to the most recent and relevant survey in enterprise contract lifecycle management (CLM) provided by the Aberdeen Group. 

Aberdeen’s new report, The Contract Management Benchmark: Procurement Contracts, which is based on the survey results, top-performing companies are realizing significant benefits and cost savings due largely to automating the processes involved in a contract’s lifecycle, which include contract creation, activation/storage, compliance, and analysis. For example, purchases made on contract achieve ─ on average ─ savings of 22%. This means that for every dollar of goods purchased off-contract, companies can potentially lose 22 cents.

• Best in Class companies have transaction compliance rates of over 90% compared to the industry average of 65% 

“The sheer complexity and volume of corporate contracts have increased dramatically in recent years, and the cause can be attributed to such factors as globalization, outsourcing, intense competition, and complicated and numerous partnerships,” says Vishal Patel, research analyst at Aberdeen and author of the report. “Inefficient management of supplier contracts and unclear policies and procedures can have a significant impact on the enterprise.” 

The report found that more than 50% of survey respondents are using or planning to use contract management automation technology. Enterprises using such solutions have seen various benefits, including the following:

• Capturing of a higher percentage of discounts and rebates;

• Higher rates of compliance by suppliers to contracted prices and discounts; and

• A significantly lower number of full-time equivalents (FTEs).

Companies can use this report to determine what next steps are necessary to help improve their contract management performance. Aberdeen has also made some recommendations for laggards, industry norm companies as well as best in class companies.

The report can be downloaded for free, courtesy of Upside Software at the following link:
http://www.aberdeen.com/link/sponsor.asp?spid=30410023&cid=2817  

“This report by Aberdeen Group demonstrates the competitive advantage that an industry leading CLM solution like UpsideContract can offer to organizations of any size. In today’s environment where efficiency and compliance are paramount, UpsideContract is not a luxury but a necessity” said Ashif Mawji, President and Chief Executive Officer of Upside Software Inc

About Upside Software Inc.

Upside Software is the worldwide leader in Contract Lifecycle Management (CLM) solutions. Customers around the globe use UpsideContract and other integrated business solutions to confidently perform Contract Management, Sourcing & Procurement, and Invoice & Billing Management activities throughout their organizations. Upside Software’s products address the needs of Enterprise (e.g. Fortune 500, Global 2000), Public sector (Federal, State/Provincial, Municipal and Health Care), and Small & Medium Enterprise (SME) customers. Customers realize significant cost savings while improving customer and supplier relationships. Upside Software’s solutions are deployed in as little as 3 days and typically provide a full return-on-investment (ROI) in under a year. Founded in 2000, Upside Software is a profitable, growing company with an advanced, yet mature, and comprehensive product suite. The company has extensive experience delivering real value to customers of every size and in most industry verticals. Upside Software is headquartered in Edmonton, Alberta, Canada – for more information visit the company’s website at http://www.upsidesoft.com/ 

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