If only we weren’t so busy ….

The pandemic has caused a surge of interest in contract and commercial management, with executives paying increased attention to building capability. For many, this means supporting initiatives to introduce new tools and software and pushing for improvements to internal processes.

The WorldCC benchmarking study of commercial and contract management has already attracted replies from more than 300 organizations. Gain insight to all the trends and discover ‘best practice’ by participating here.

Priorities vary, with some focused on growth, some on speed and others more concerned about improved management of risk or finances. But no matter where the priorities lie, the expectations are clear – commercial resources are being pushed to increase their commercial relevance and the value they deliver.

A tough balance

Finding the right balance is not easy. Traditional contract management teams are strongly oriented towards risk mitigation and compliance, with less than one in twenty giving active thought to competitive advantage and only one in ten pursuing opportunities for value-add. Commercial groups are in general better equipped to demonstrate core value, with a much stronger focus on financial impact and change management.

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There is widespread recognition of a need for action. However, a common refrain from those responsible for contract and commercial management is that operational workload is a key barrier – though some admit that they lack the right mix of skills for the fast-changing business environment. That shortfall often extends to other groups and functions on which they depend – for example, technical staff with sufficient understanding of contracting.

Investment is only part of the story ….

The readiness to make investment and to grow the role of contract and commercial management is good news. But what goals and targets should we be setting? Where will we find ourselves competing for rare skills and talent? How big are the gaps between leaders and laggards? To what extent will competence be created through dedicated CCM teams, versus a more distributed capability? These questions and many others will soon be answered for those who take time to provide input. All data remains confidential and is reported only in a consolidated form. Discover more at the 2021 Benchmarking Survey.