How Does Automation Improve Contract Management?
Companies have long used software to organize and store contracts for review, but to effectively manage these documents in the twenty-first century requires a more comprehensive approach. The rapid growth of contract management automation speaks to the need for increased effectiveness in this area. Firms around the globe are paying attention as reputable sources publish the statistics. Harvard Business Review reports that contract inefficiencies cause firms to lose 5% to 40% of value on individual contracts . Companies interested in long-term growth are turning to cloud-based software that integrates AI for the purpose of increased efficiency and productivity.They’re also attracted to its ability to protect them from the issues of data loss and other liabilities. Benefits of Automated Contract Management Solutions There are five primary benefits of using automation in your contract management Improved access and organization More efficient template standardization E