Rightly so, contract automation tools are gaining in popularity. However, according to an Apttus survey less than half of respondents have invested in an automated contract management tool.
If you legal department is still using traditional contract management with manual processes, how are you coping with increased pressure to mitigate risk and stay in control?
Needless to say, using manual processes and working on multiple platforms inevitably lead to inefficiencies that can impact the entire company’s bottom line. When contracts are managed manually, these are just a few of the consequences:
- Poor insight into critical contract information by key players leads to bottlenecks
- Poor decision-making due to inaccurate or incomplete contract data
- 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
Legal plays in an important role in ensuring contracts enhance business results, protect the company from losses and deliver on expectations. Our latest whitepaper explores 5 common contract management scenarios that put businesses at risk and describes how Legal can mitigate the risks with automation. Get your free copy today!