Contracts are the lifeblood of any company. That’s why they’re reviewed by all parties involved before they’re executed. While it’s understandable as to why that’s the standard process, all of that reviewing comes at a price.
According to the World Commerce and Contracting Association (WCC), a typical contract costs an organization 40 hours and $6,900, culminating in an average of 9.2% annual revenue leakage. And when you think about the number of contracts that your company develops, those numbers add up to a substantial amount.
But by adopting a contract lifecycle management (CLM) tool within your organization, you can streamline the entire process and save your company a significant amount of time and money.
How will adopting a CLM solution help your organization?
A CLM solution improves end-to-end efficiencies, from request to execution, through to post-execution management. These efficiencies result in measurable bottom-line benefits through:
- Reduced administrative waste
- Reduced sales cycle times
- Lowered risk of noncompliance-based fines and penalties
- Improved renewal and expiration management
Plus, this increases client satisfaction due to simpler contract execution processes.
Request a savings consultation to see for yourself
Click here to request a personalized savings consultation to see how much you’ll save by adopting a CLM tool.