Recent studies emphasize the difficulties for stakeholders to obtain a good summary of active contracts within organizations and companies. If this data is not available, how would management to where they stand? And opportunities are missed due to lack of data? What type of risks does the organization face if there is no data?
A new outlook will help in obtaining data on all contracts, either as a whole, or insight per component of a contract, such as tasks and financial data.
This question could be asked differently. Why is there no available summary of all contracts? What are the consequences of missing the summary of (part of) these contracts? This has a direct effect on the return of the organization. Lack of knowledge can be costly and increases the risk of costs.
One solution is to make sure contracts could be managed by end date. A timely notification is sent when before the expiration and by managing the end date. MochaDocs ensures the big picture of contracts is current with management. No need for additional resources, and the summary is 100% current. Examine contract management? Click here.