A Standard for Contract Management

Inconsistency in the way that organizations manage their contracts creates delays, disputes and financial loss. We must do better – and now we can.

Today’s trading environment demands more from organizations than ever before. Volatility, uncertainty, and speed of change are redefining how we do business and placing new pressures on the way we manage our external relationships.

This demands an adaptive and consistent contracting process, enabling greater speed and quality of decision-making across both internal and external boundaries.

Achieving adaptability depends on alignment and contract management today remains one of the most inconsistently defined processes in business. It is not only that different functions understand it in different ways, but more critically there is no consistency of approach between buyers and suppliers.  The absence of a shared framework leads to delay, contention and underperformance.

This is why the new global standard for contract management — approved by ANSI and developed across 20+ jurisdictions — marks a vital step forward.

For the first time, contract management has a common definition: a lifecycle view that sets out the key activities and competencies required for effective performance. It does not prescribe how organizations must act, but it clarifies what contract management is, providing a shared foundation for alignment, training, systems, and continuous improvement.

The benefits from wide adoption include:

• Fewer misunderstandings between buyers and suppliers
• A framework to develop clearer internal roles and responsibilities
• Faster, more coordinated response to change and risk
• Improved readiness for digital tools and scalable processes

This is about enabling better outcomes, at scale, across every sector and every kind of relationship. 

A statement of adoption is simple and it matters. It signals an organization’s commitment to the shared language and core structure that enable better performance in today’s contracting environment.