A sale isn’t a sale until there’s a fully executed contract in place. But let’s be honest, contract management is not an exciting part of the business. Corralling the details can be arduous, with terms, clauses, and other fine print that can be hard to track as the terms of the contract are fulfilled. Too often, especially at the enterprise level, complex systems impede contract workflow, lead to slower turnaround time and ultimately, less revenue.
Research indicates that contract lifecycle management solutions are quickly becoming an essential part of the B2B technology stack for enterprises. According to a 2020 survey from the International Association for Contract and Commercial Management, 81 percent of enterprises planned to implement, replace or add contract automation to a contract lifecycle management solution in 2021.