No matter what industry you're in - construction, finance, law, medicine, etc - your business is going to have to go through the contract management process. Depending on what you're doing, you may end up entering into a number of contracts each day. Having more contracts under your belt is a sure sign of success, but are you managing your contracts effectively?
The term "contract life-cycle" refers to a contract as it moves through the different stages of the contract management process. It's important that your business be able to effectively move contracts through the contract life-cycle. Companies that exhibit poor contract management risk losing 9.2% of revenue each year.