Based on survey responses and interviews with contracts professionals at several leading government contracting firms, we compiled the following suggestions on how to obtain funding:
#1 Identify Time / Cost Savings
Consider time savings on automating tasks, a reduction in costs associated with server storage and IT support for internal document management platforms.
#2 Profile the Worsening Risks
Many organizations lack data integrity and a single source of truth with homegrown systems and spreadsheets, posing compliance risks and slow/inaccurate reporting to executives, program leaders, and auditors.
#3 Engage Business Development & Program Leaders
Meet with Business Development and Program Management in small sessions to discuss pain points and highlight the capabilities of an upgraded contracts management system (ex. backlog of billable work, financial planning and forecasting issues, audit trails, etc).
#4 Directly Brief the CEO & Executives
C-level executives have an interest in the growth, cost, and risk-mitigation benefits of a contracts management system upgrade.
Generally speaking, contracts leaders are successful in securing funding when they are able to convey the enterprise-wide benefits of a contracts management system upgrade. Download the "How Your Peers Secured Funding to Upgrade Their Contracts Software" whitepaper to learn more on our findings.