Key Benefits of Having a Contract Management Software
In this age of digitalization, the emerging legal tech industry has brought in innovative solutions to empower every organization’s legal processes. One of which is a contract management platform that primarily streamlines contracts’ lifecycle. Adopting a contract management software can greatly benefit your organization in more ways than one.
Digitizing your contract process can result in a 50% reduction in the time taken to get to a signed contract. A centralized platform to manage your contracts will ensure greater visibility which in turn enhances contract compliance, which is increased by 55%. With these key practices in place, inefficiencies in the contracting process are minimized, avoiding an estimated 5-40% loss in deal value.
64% of management and 40% of legal counsels identified the lack of contract visibility to be a key barrier in the contract management process. This can be mitigated with the adoption of a contract management software, which provides an accessible, centralized space for every agreement to ensure greater contract visibility. The automation of the contracting process further streamlines contracts’ lifecycle from end to end— from contract drafting, compliance tracking, approval gathering, signing, storage, and retrieval.