Ineffective contract management costs the average company 9.2% of annual revenue – Source: IACCM
Contracts have an enormous impact on an organization’s profitability because they affect revenue and expenses. There are a wide range of tasks associated with each stage of the contract lifecycle. Automating the contract management process is critical to organizations focused on increasing efficiency and reducing risk.
Benefits of using an automated contract management process:
- Central Repository and Control of Enterprise Wide Assets
- Automated Workflows for Contract Review and Task Management
- Digital Signatures
- Reduce Risk with Automated Alerts
- Records Management