Author: Tim Cummins
I was startled to learn recently that there are 6.5 million people on LinkedIn who identify themselves as Contract Managers. That's a remarkable number.
Of those 6.5 million, less than 150,000 are members of a directly related professional association and less than 75,000 have formal training and certification – so that equates to slightly more than 1% of those who say they are performing this as a job.
Little wonder, then, that the contracting process is seen by many as inefficient and that such a high percentage of contracts underperform. People simply aren't being equipped with the professional knowledge and methods that are needed to deliver value, resulting in an approach that is typically reactive to problems and issues.
The impact of automation
Reactive processes are by their nature inefficient, driving unsustainable resource costs. The unskilled nature of many contract management jobs indicates the scale of opportunity for improvement – and emerging technologies are slowly starting to drive those improvements. For example, I recently gained access to benchmark data showing an average reduction in resourcing of 60% – hence the number of 4 million disappearing jobs in this article's headline.
However, this isn't the complete story. There are two further key points I'd like to make:
For anyone who is among those 6.5 million that doesn't have up-to-date, relevant qualifications, it's definitely time to think about your future.