On the eve of Super Bowl 50, the thoughts and attention of many is captured by football. This year, the Carolina Panthers will go head to head with the Denver Broncos at Levi's Stadium, in Santa Clara. The stadium is located in the heart of the Silicon Valley, home to a plethora of manufacturers of electronics components and products. In short, I felt I had to take a moment to look at where the football industry and the electronics industry might connect.
Admittedly the link might seem tenuous, but what struck me immediately is that both businesses live and die by contracts. A contract can decide which football player is rich and which is only moderately successful. Every year, football fans wait with anticipation during post-season negotiations to see what new relationships and record-making deals hit the headlines.
In the electronics industry, millions and billions of dollars in contracts are inked throughout the year. In the same way, a contract can make or break electronics OEMs and component makers as they try to broker a deal that will benefit everyone.
Take a look at the infographic below from Icertis, a cloud contract management provider, and notice the huge gap between the best and worst contracts in the NFL. It tells a compelling story. Clearly, the real winners (weather in football or electronics manufacturing) do the best job of minimizing risk and maximizing performance. Let us know in the comments section below the pitfalls and best practices that you've found in contract negotiations to make sure you are on a winning team.
— Hailey Lynne McKeefry, Editor in Chief, EBN