Today, the ground reality of contract lifecycle management has evolved. Running around circles for contract drafting, reviewing, negotiating, and signing is no more in practice. Thanks to digital transformation!
Businesses have encountered numerous challenges in terms of contract handling. It consumed not only money but also time and resources.
In addition, constantly juggling between different contracts at the same at every touchpoint of the contract lifecycle has taken a toll on processes. This has led to inefficiencies, missed deadlines, compliance, and regulations.
However, with the advent of new technologies and contract management services, businesses are able to protect their profit margins and achieve desired success.
According to a report by Gartner, in 2024, AI-powered contract analytics will eliminate the manual contract review process. As a result, we can presume that digitalization will take over the contract management counterparts soon.
In the coming years, we will witness a dramatic change in compliance and regulation, integration of eSign to execute contractors, and application of CRMs and ERPs.
Let’s look into the infographic, giving statistical insights into the latest trends in contract management 2023