Businesses today aim at optimizing performance while controlling costs — which is no easy job in these challenging market conditions. However, there are many ways in which enterprises can meet stringent cost management targets — one of the prominent ones is streamlining their contract management processes with advanced AI-led Contract Lifecycle Management systems. Best-in-class organizations that leverage this technology identify opportunities for savings and prevent inefficiencies.
Contract Management involves huge datasets, repetitive tasks, and administrative work. While many organizations have turned to contract automation for these, some are still behind the game. They can quickly move up the contract management maturity with the first step — automation. AI is just tailing automation to realize the wholesome benefits of the technology.
Contracts are critical documents that play a significant role in business. On average, 60–80% of all B2B deals are secured and regulated through contracts (Gartner). Large enterprises deal in tens of thousands of contracts while small enterprises handle thousands. Either way, these are too many contracts to manage manually, and tracking compliance can become challenging and risky.
As organizations expand, so do the number of transactions, making contract management even more complicated. That’s precisely why legal technologies like contract automation are gaining popularity.
While contract automation is the basic tech upgrade, many companies have surpassed that with AI and Machine Learning. However, the zero to one jump that one gets from adopting contract automation is a no-brainer for its implementation.
To know more, download our whitepaper that answers the following question about contract automation at length:
- Why contract automation is the defacto for contract operations?
- What is the need for contract automation?
- How does automation help across different phases of the contract lifecycle?
- How can Ultria’s automation capabilities drive efficiency for legal teams?
- What are the benefits of contract management automation?
- How to gain additional value from contract automation?
- How to transform contract management into contract intelligence?