In most organizations, once contracts are signed, they are dumped into email inboxes, shared drives, or local contract repositories. Searching across large volumes of siloed contract information is a hefty task and often lead to missed contract lifecycle milestones, resulting in revenue leakage, and strained vendor and customer relationships.
- Almost 7 in 10 contract managers are searching for completed contracts at least once a week and 23% perform that task daily.
- Finding specific terms and clauses in a single contract takes more than 2 hours on average.
- Two-thirds of teams are still using spreadsheets and emails to manage agreements.
Contracts are the heart of entire organization and not just legal. Business operations like procurement, IT, finance and sales often need to access and identify contract information to ensure compliance of their processes with signed contracts. Hence, the need to search contracts is not limited to only legal contract managers alone.
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As a CPO, how many times have you missed a contract termination deadline? How far you are able to keep a track of disparate pricing and payment terms? It is not at all easy to focus on value, not cost and yet manage buy-side contracts with lesser risks and greater efficiency.
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