Most contracts’ terms and conditions are deficient at the most basic levels, significantly detracting from downstream vendor management and cost savings opportunities. Today’s enterprises have a majority of their IT spend governed by formal contracts with their vendors. Unfortunately the corresponding investment in the areas of IT Procurement and IT Vendor Management are limited in nature, with total procurement operating costs estimated at less than 1% of total spend. The results of this underinvestment are suboptimal contract terms and conditions, missing contract governance processes and, by some estimates, a reduction in sourcing value up to 9% of annual revenues.
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