If you can't answer these questions you should investigate Enterprise Contract Management

• Do you know how many contract your organisation has?
• Is somebody responsible for the contract "process" ( i.e. the whole lifecycle) in your organisation?
• Do you know how many of your contracts have cost penalties or potential legal liability exposure, and what the aggregate value of your potential liability is?
• Are all of your contracts renegotiated prior to the automatic renewal dates? Are you sure you are paying annual software licence / maintenance fees that are needed?
• Are you sure that you are charging accurately to all your customers?
• Are you able to ensure local compliance to standard terms and conditions with your corporate contracts? Does legal have full visibility of contract variations - and do you know about all the risk you may be taking on?
• If a key employee leaves, could you guarantee no loss of correspondence relation to a contract? Would the audit trail remain intact?
• Can you determine all your contracts with a specific entity? Or calculate your total contracted revenue expected for the month?
• Do you know how much time staff spend trying to find contracts, chasing up colleagues to determine location of contracts and sending them between offices? And ist this acceptable?
• Is contract management in your organisation as efficient as other key functions such as accounts?