The CM Benchmarks Report
One thing is certain in today's ever-changing regulatory environment: A well-executed contract management function is a difference maker—helping to reduce risk and win business.
Key Findings
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Training
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Tools
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Structure
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Policies
Robust training programs lead to higher win rates and lower risk
Training is a critical element in the contract management toolbox. It can greatly affect an organization's ability to identify and mitigate compliance risks. There seems to be a correlation between companies that offer robust training programs and higher win rates.
Leverage systems to automate processes where possible
Relying on Microsoft Excel, SharePoint or other similar programs that lack the data capture, sharing, version control and process-flow capabilities of more sophisticated systems can result in serious compliance issues. In an age where data is king, these major needs should drive decision-making.
Consider multiple factors when deciding whether or not to centralize your CM function
Some companies find success managing their contracts through a centralized department, while others do well remaining decentralized. At a minimum, best practice is to centralize storage of contract documentation.
Formally document and enforce comprehensive standard operating procedures
Regardless of industry or size, organizations that formalize and mandate well-thought-out controls—including standardization policies and procedures and IT infrastructure—eliminate potential conflicts of interest and minimize risk to business.
Key Findings
Robust training programs lead to higher win rates and lower risk
Training is a critical element in the contract management toolbox. It can greatly affect an organization's ability to identify and mitigate compliance risks. There seems to be a correlation between companies that offer robust training programs and higher win rates.
Leverage systems to automate processes where possible
Relying on Microsoft Excel, SharePoint or other similar programs that lack the data capture, sharing, version control and process-flow capabilities of more sophisticated systems can result in serious compliance issues. In an age where data is king, these major needs should drive decision-making.
Consider multiple factors when deciding whether or not to centralize your CM function
Some companies find success managing their contracts through a centralized department, while others do well remaining decentralized. At a minimum, best practice is to centralize storage of contract documentation.
Formally document and enforce comprehensive standard operating procedures
Regardless of industry or size, organizations that formalize and mandate well-thought-out controls—including standardization policies and procedures and IT infrastructure—eliminate potential conflicts of interest and minimize risk to business.
Trends and Best Practices in Federal Contract Management
With a new administration and shifting budget priorities, federal contractors must be adaptable to protecting profits amid margin-squeezing initiatives.
In conjunction with the release of The CM Benchmarks Report, Baker Tilly teamed with Bloomberg Government and presented a 60-minute webinar on key trends, benchmarks and best practices that companies should be mindful of as 2017 continues to unfold.