The basis of any business is a contract. Up to 79% of business contacts may be governed by agreements or contracts. They provide vital details about how a company interacts with its suppliers, partners, customers and employees. Contracts grow in size as business grows. It is difficult for a company to control and track them.

The in-house legal department will never have time to complete crucial operational or strategic tasks if contract review consumes all their time. Contract management services will help your teams because repetitive administrative tasks can consume up to 29% of their time.

When contracts are not monitored and maintained throughout their life, there is a significant danger that money will be lost, costs will increase, deadlines for legal and regulatory compliance and other responsibilities will be missed, there is more potential for litigation, etc.

• An increase in contract revenues of 1% to 2%.
• Reduction of incorrect payments by 75-90%.
• Renewal revenues increased by 30%.
• 70% reduction in legal fees.
• A 90-100% ban on automatically renewing contracts.
• A 90-100% increase in compliance with law, regulations and policies
• 50% faster settlement discussions.
• Operating and processing costs are reduced by 10% to 30%.
• 10-20 % reduction of the main account or increase in productivity
• A 3-5% decrease in procurement costs can be achieved with integrated contract management capabilities.