World Commerce & Contracting recently released its highly anticipated global 2021 Benchmark Report. The report represents the most comprehensive survey of commercial and contracting professionals, featuring insights from a diverse group of contract professionals spanning buy-side, sell-side, and many industries.
Looking at responses from those in the Telecommunications Industry specifically, the report found that while many organizations have made significant investments in developing their contract management capabilities, some are performing at world-class levels, others have yet to progress to the advanced levels required to compete effectively in today’s demanding market conditions.
Key findings include:
- 27% of the total workforce is in some way involved in contract management activities
- 81% of respondents are considering the adoption of tools and systems as improvement initiatives compared to the 62% cross-sector average
- 68% of respondents feel that building consensus across stakeholders is the most significant barrier to acquiring and deploying technology
- 54% of respondents use centralized organizational structures versus 33% across all sectors
- 34% use a standard terms database, and 15% include pre-approved fallback term options compared to 20% and 8%, respectively, across all sectors