Contracts are the roadmap of your business: the vast majority of business transactions are indeed determined by a contract. Any mistakes in this process can increase the company’s liability and have a significant impact on the business.
According to the results of Apttus’ recent survey Top Trends Impacting Legal & Contract Management,- “1 in 3 Legal Departments see automation as the fastest growing technology trend, yet less than half have invested in an automated contract management tool.”
46% of the respondents would be interested in adopting contract management automation tools but are lacking resources either in budget or personnel. The way in-house General Counsel are managing the lack of such tools is again reflected in Apttus’ survey:
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- 62% of respondents use Microsoft Word as their primary tool to generate contracts
- 27% of legal departments use Electronic Signature
- 70% of respondents use mobile devices in their daily legal work
- 23% of legal departments have a contract playbook
- 54% of those playbooks are hard copies located in binders
- 19% of legal departments have analytics tied to their contracts
Needless to say, using manual processes and working on multiple platforms inevitably lead to inefficiencies that can impact the entire company. When contracts are managed manually, whether by using filing cabinets, Dropbox, Microsoft Sharepoint or Microsoft Office, these can be the consequences:
- Poor insight into critical contract information by key players leads to bottlenecks
- Unavailability of data when needed leads to poor decision-making
- The amount of time needed to draft standard contracts exponentially increases
- Manual reporting is cumbersome and complicated, limiting process control
- Legal resources are unable to follow up with commitments
- Information loss is the order of the day
- Risk management is not performed due to lack of time and resources
All the above, in addition to human error, can easily translate into missed deadlines, additional costs, unmet payment terms, unachieved terms, low compliance and so on. Ineffective contract management can cost your company millions. The offer of practice management software solutions on the market is vast and diversified. Legisway is an easy and affordable legal management platform that allows you to organize all your legal information in one secure database to create business insight anytime, anywhere.
