How Automation & AI Decrease Contract Management Costs
Companies Struggle with Revenue and Cost Management
Many companies experience unnecessarily high costs and mismanage revenue due to inefficient contract management operations.
According to Model N’s 2020 State of Revenue Report:
82%
82% of executives say revenue management is an increasing challenge
98%
98% of executives say they face some sort of revenue management challenge
According to the IACCM:
9%
Poor contract management costs companies 9% when it comes to their bottom line
According to the Harvard Business Review:
40%
Ultimately, inefficient contracts lead to a 5-40% loss of value on any given deal
Most Companies Don’t Take Full Advantage of CLM Platforms
Even when companies have implemented CLM software, they often don't take advantage of its full capabilities and likely use a vendor that doesn't give them a complete repertoire of functions.
While most companies use their contract management solution in similar ways, there are a few features of a CLM system of which most companies do not take advantage:
Defined and automated workflows
Functionality to search for key terms, dates, and clauses
Assembling contracts from a clause library
