In a world where contracts play an increasingly crucial role in commercial operations and, more generally, in optimizing a company’s top and bottom lines, contract management has become an essential discipline for companies of all sizes and in all sectors.
Although the impact of a company’s ability to effectively manage its contracts has long been underestimated, it is now accepted that contract management, both upstream of contract signature and during contract execution, is an indisputable lever for operational and financial performance, particularly in the IT and industrial sectors.
Over the past fifteen years, contract management consultancies have sprung up all over the world! In this article, we’ll explore what contract management is, why it’s important to use a contract management consultant, and present our top 10 firms specializing in this field.
What is contract management?
If you’re reading this paragraph, you haven’t (yet) read our entire article defining contract management. If you don’t have time to read it, let’s just say that contract management is a process that encompasses the creation, negotiation, management, monitoring and analysis of all a company’s contracts. These contracts may include agreements with suppliers, customers, business partners and so on. The ultimate aim of contract management is to optimize the value of contracts while minimizing risk.
Good contract management enables a company to :
- Reduce legal and financial risks: By identifying and mitigating potential risks in contracts, companies can avoid costly litigation and financial losses.
- Improving compliance: Ensuring that contracts comply with current laws and regulations is essential to avoid penalties and reputational problems.
- Optimize contract performance: By actively monitoring contract performance, companies can maximize the expected benefits.
- Save time and resources: Automation and efficiency in contract management reduce administrative costs and free up time for other strategic activities.
Why use a contract management consultant?
Contract management can be complex and demanding, especially when companies have a large number of contracts to manage. This is where contract managers come in (to find out more about their role, read this superb article). Here are a few reasons why calling on these experts is a wise decision:
- Specialized expertise: contract management consultants have in-depth knowledge of the best practices, tools and methods for managing contracts, having worked for numerous companies!
- Process optimization: They can help design and implement efficient contract management processes, saving time and money, particularly when it comes to IT contracts or large engineering projects.
- Risk reduction: Consultants can identify and mitigate potential risks in your contracts, which can help you avoid legal and financial problems.
- Improved profitability: By maximizing the value of your contracts, contract management consultants can help increase your overall profitability.
Which are the best contract management consultancies?
Now that we’ve understood the importance of contract management and why you should use contract management consultants, here’s a list of the top contract management consultancies in 2023 (non-exhaustive list):
- Piman Executive: one of the leaders in contract management, part of the Piman Group, the firm specializes in contract management and industrial business management. With strong claim skills and synergies with project management, the firm has nearly 100 contract management consultants, and an international reputation.
- H2O Consultancy: one of the forerunners of contract management on the French market, the firm has been involved in contract management for many years. Specializing in contract management and claims, the firm works for both private and public customers on a wide range of technical and industrial issues.
- Prime Conseil: it’s hard not to mention Prime Conseil in this list! The firm was founded in 2021 by two partners, each with some fifteen years’ experience in contract management, in industry and IT, within major groups. Prime Conseil now has 9 contract management consultants and works with SMEs, ETIs and major French and international groups.
- Aperwin: a new kind of law firm specializing in business law issues, Aperwin handles a full range of contract management issues. With a team of 5 employees, the firm handles French and international contract management issues.
- E2CM Consulting: renowned for having created the European Contract Management School, E2CM Consulting is a pure player in contract management, specializing in complex contracts. Founded by Grégory Leveau, Naoual Berggou and Bernard Leveau, the firm is one of the leaders in its field.
