BriefsOracle Addresses $3.1 Billion Contract Automation Market
Oracle announced their Contract Management solution-- a major component of the Oracle E-Business Suite and a key CRM application that helps companies avoid revenue leakage and costly liabilities (see announcement below).
Antiquated contract management is bleeding companies of time, customers and money. Without the proper information to manage contracts, "contract leakage" -over or under servicing-can result in higher costs or lost revenue. Complex contracts govern the intricate terms and conditions of many customer, partner and supplier relationships. An enterprise unaware of the terms and status of its contracts is bound to suffer severe and costly ramifications. Put simply, if you don't know your contract, you don't know your customer (or partner or supplier for that matter).
Contract management impacts every department in all enterprises and yet it is an area that has been largely ignored. Considering the ubiquity of contracts in just about every business relationship, it is remarkable that few vendors have devoted resources to developing software to automate the management and administration of sales, service and project contracts and distribute that intelligence to other applications across the enterprise.
In fact, this may be one of the last untapped market opportunities in CRM/ERP. A February 2001 Goldman Sachs report forecasts that spending on stand-alone contract management software will grow from essentially nothing to $3.1 billion in by 2005.
For additional information, see http://www.oracle.com/tellmemore/?873544 or contact
Bonnie Kwong PR21 (for Oracle) (415) 369-8112 firstname.lastname@example.org
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