World Commerce & Contracting recently released its highly anticipated global 2021 Benchmark Report. The report represents the most comprehensive survey of commercial and contracting professionals, featuring insights from a diverse group of contract professionals spanning buy-side, sell-side, and many industries.
 

Looking at responses from those in the Business Services, Outsourcing, and Consulting sector, the report found that it is ahead of the pack as an early adopter and significant investor in commercial and contracting capability.
 

Key findings include:

  • 66% of respondents identify that executive interest in contract management capabilities is increasing (versus the cross-sector average of 50%)
     
  • 30% are using a standard terms database, and 14% include pre-approved fallback term options (versus 20% and 8%, respectively, across all sectors)
     
  • 46% of the sector is likely to use the counter-party’s terms subject to negotiated amendment in 80% of cases (versus the cross-sector average of 34%)
     
  • 32% of the total workforce is in some way involved in contract management activities (substantially higher than the cross-sector average of 26%)
     

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