Effective contract management can deliver a saving of 10% or more on contract spend. That’s what our extensive research programs have revealed, and that doesn’t even take into account the massive potential for delivering better outcomes or being better able to adapt to change. Add these benefits, and you concluded that there is the very real potential for achieving a value gain in the region of 20%.
For any organisation, this is a huge prize. But it’s one that demands the right approach and focus to drive great results.
Essentially, contract management is where the rubber hits the road. Until you start spending money and getting something in return, the value and benefits you aspire to achieve from the sourcing process are just that – aspirations.
It would be easy, therefore, to think of contract management as what happens after a contract is signed. We don’t see it this way – and CIPS and Government Commerce agree with us. Contract management is all about maximising potential value at the outset, and then stopping value leaking away over time – as well as continuously seeking to adapt to change and drive further value.
Contract management shouldn’t be seen as the poor relation to procurement. It is part and parcel of the same activity and the same goal – securing best value from every single penny you spend.
At Lifecycle, we’ve always understood that achieving ‘best value’ can’t just be an ideal, or a nice-to-have. It’s an absolute must. It can’t be left to chance.
That’s why we championed lifecycle costing over thirty years ago, long before it was mainstream.
That’s why we focus on the likelihood of change in all our specification, procurement and contracting activities.
That’s why we recognise the importance of having the right data, the right levers and the right approach to manage suppliers effectively.
That’s why we engineer processes and systems that drive the right activity,
That’s why we’ve been building the pieces of the jigsaw for over thirty years.
There is no one off the shelf ‘solution’ to delivering great contract management. For any organisation the start point is about understanding what it does well and not well today. Then it’s about defining what good looks like, and having a roadmap for getting there. It’s about having the tools and resource to deliver on that plan, and being able to measure where you are on the road to success.
We see it as a journey, and we see our role as working out how we best support our clients on that journey to help them achieve the very best outcomes.
We’ve built exceptional technology, developed a unique methodology, and harnessed first-class skills and expertise to support our clients. But at Lifecycle we don’t just paint a picture of what life might be like for our clients and walk away – we roll up our sleeves and work alongside them to them deliver that vision.
Real solutions. Real outcomes. Real value.
“The services they deliver – and the excellent level of service they give – provide value way in excess of their fees.”
“I would award ten out of ten for professionalism and commitment to each and every member of the team.”
“They have helped transform the procurement and management of our maintenance contracts, reducing cost and at the same time giving us a level of control and compliance we didn’t think possible.”