The world of contract management is evolving rapidly, and earlier this month (September 2024) we have been witnessing an exciting milestone. The National Contract Management Association (NCMA) and the World Commerce & Contracting (WorldCC) have come together to collaborate on developing a globally accessible standard for contract management. This unprecedented partnership aims to set a new benchmark for excellence and consistency in how contracts are managed across industries and borders.
Why is this interesting?
Contracts are at the strategic core of every business transaction, but contract management practices vary significantly depending on geography, industry, and organizational maturity.
Whether you are a small company or a global corporation, the world of trade, commerce and business partnering becomes increasingly more complex – and regulatory compliance becomes a license to operate. In many industries (if not all) there is a growing need for consistent, effective, compliant contract management standards that can be applied universally.
What can we expect?
- Best Practices: By combining the expertise of NCMA, with its strong presence in North America, and WorldCC, which brings global perspectives, this partnership will ensure the new standard reflects the best Contract Management practices from across the globe.
- Accessibility: A key focus of this initiative is to create standards that are accessible to organizations of all sizes and industries, ensuring that both large multinationals and small enterprises can benefit from standardized contract management processes.
- Improved Efficiency and Compliance: A global standard will simplify processes, reduce inefficiencies, and ensure compliance with local and international regulations and laws, helping businesses reduce risks and improve performance in their contracts.
- A journey towards ISO: The goal on the longer perspective (2-5 years) is to work with the ISO organization on developing a Contract Management ISO standard based on the standardization roadmap WorldCC and NCMA have laid out together.
The future of Contract Management
This initiative may very well mark a turning point for the contract management profession. A unified global CM standard will not only elevate the profession but includes also the promise of bringing more transparency, efficiency, and consistency to business operations worldwide.
Stay tuned as we will follow and contribute to this exciting initiative and inform you about how it unfolds and helps shape the future of contract management!
