Contracts are so likely to be mismanaged because there is rarely an obvious owner for them.
Every part of a business has contracts and every contract has multiple stakeholders, usually sitting across different parts of the business. Legal, procurement, commercial, finance, operations, executive, HR, IT… the list goes on.
These stakeholders come and go over time, joining the chaos of zero contract visibility and taking with them the piecemeal contract knowledge they were able to cobble together.
This fragmentation of contracts and stakeholders across the business is the default. Fragmentation leads to lack of responsibility, which leads to apathy. Apathy leads to expensive mistakes and missed opportunities. Building and maintaining a central, useful contract database therefore requires a forceful push. Perhaps by you.
Who owns your contracts?