Actually, "Best in Class" is the term they use in Aberdeen Group's report Contract Management Benchmark: Procurement Contracts. To make the grade, you need to have clearly defined and enforced procedures and policies, using automated systems company-wide as well as standard contract language. You also need to have 90% compliance between your purchases and your contracts. Does this sound like you?
Unfortunately, according to Aberdeen, only 1 in 5 make the grade.Some of the more interesting revelations in this report are:
In other words, as Aberdeen puts it, there are "tremendous opportunities for improvement" in this area. Not just opportunities. Tremendous opportunities.