Measures the time taken to review, negotiate, and approve contracts from initiation to final approval.

What it Measures ?

Time needed to approve contracts.

Relevant StakeHolders 

Legal Teams, Procurement Leads

In-depth Use Case / Real-world Example

A manufacturing company producing automotive components tracks Contract Approval Cycle Time to understand how long it takes from the initiation of a contract to final approval. For example, if the company aims to approve contracts within 30 days but the average cycle time is 45 days, this insight helps identify bottlenecks and inefficiencies in the process, allowing the company to streamline contract negotiations and approvals.