- Nearly half the respondents (46%) say workflow is the most challenging area of contract management.
- 32 percent of respondents use a contract management solution, which is up 6 percent from 2016.
- 64 percent said the contract approval process was a problem in terms of causing deals to stall.
- 60 percent of survey respondents said they manage contracts via email.
- 92 percent said that human error impacts their contract management process.
While more organizations are making moves toward automation in their contract processes, many still struggle with manual, insecure contract practices. Automating workflow throughout the contract management process presents a significant opportunity for a more efficient sales cycle, and eliminates the challenges and risks associated with manual workflows. Businesses that successfully choose and implement contract management solutions are most likely to experience increased revenue and fewer contract-related errors.
"Contracts are the lifeblood of most organizations, but deals often grind to a halt when they hit the contract stage," said Will Wiegler, senior vice president and CMO at SpringCM. "That's why we research the challenges associated with the contract management process. Our goal for this study is to provide decision-makers with actionable insights to advance their contract management processes."
The 2017 study surveyed 1,409 users of contract management solutions, and respondents came from a wide range of industries and business departments.
To read the full report, please visit https://www.springcm.com/research-report-2017-state-of-contract-management-lp.
SpringCM helps work flow by delivering an innovative document management and workflow platform, that powers the leading contract lifecycle management (CLM) application. SpringCM empowers companies to become more productive by reducing the time spent managing critical business documents. Intelligent, automated workflows enable document collaboration across an organization from any desktop or mobile device. Delivered through a secure, scalable cloud platform, SpringCM document and contract management solutions seamlessly integrate with Salesforce, or work as a standalone solution.
Every day, more than 600 companies use SpringCM to improve customer experience and get more done, faster. For more information about SpringCM, visit www.springcm.com.
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