A recent study by a leading institute in Contract Management calculated that over 9% of costs were actually a result of poor procurement and contract management. These figures are not just for the large companies but to the smaller ones as well. 9% may not seem a lot at first glance but do the math and the figures soon add up. Good procurement training and contract management will not just overcome these problems but there is also a host of other benefits as well.
The cost of training as a whole is a far smaller percentage than the 9% of extra costs that companies may incur as a result of poor practices.