The Value of Contract Lifecycle Management (CLM) Survey
ContractPodAi recently conducted a survey of 400 full-time legal professionals. The results of this survey offer insight into the value that contracting best practices and CLM technology bring to the business. The survey indicates that businesses that have more mature processes in place for their CLM are considerably more secure, efficient, productive and focused.
- 54% of organizations say contract risk has a major impact on their business.
- Only 4% of legal teams with manual processes strongly agree they are aware of key contractual risks to their organizations.
- Fully Automated CLM processes enable 78% of companies to address legal requests within 72 hours.
- Teams dependent on manual processes only have a response rate of 33%.
- Legal teams experience a 50% reduction in contract delays caused by staff shortages and heavy workloads.
- Contractual obligations are missed 75% less often than those who work with manual processes.
The survey results also highlighted a clear difference between organizations that have advanced their CLM maturity and those in need of CLM transformation. Those organizations that have higher CLM maturity reported a greater level of security, efficiency, and productivity of their legal teams. This is further reinforced by a decrease in contract delays and risks.
The Necessity of Automation with Contract Lifecycle Management
AI-powered CLM helps to augment these processes and identify areas for improvement. Automating repetitive processes such as document creation, contract review and approval processes, and document tracking can help legal teams to surface hidden areas of imbalance and potential inefficiencies. In addition, automated CLM processes can ensure compliance with data security and privacy regulations.
The key benefits of implementing a CLM, according to the survey, include increased security due to less errors; improved document tracking and visibility; greater efficiency and enhanced decision-making. It is clear that leveraging modern CLM technology can help organizations to improve the way they manage their contracts and achieve the desired business results.
Key Takeaways from the Contract Lifecycle Management Survey
Overall, the ContractPodAi’s survey reveals that implementing a CLM solution and leveraging the power of automation can lead to improved security, efficiency, and productivity of legal teams. As businesses continue to grow in complexity, it is essential that they consider how CLM solutions can assist in addressing their contracting best practices and automation needs.
By leveraging advanced CLM technology such as ContractPodAi’s, legal teams can expect significant savings in operational costs, improved document accuracy and compliance, and enhanced decision-making. This in turn translates into improved security, efficiency and productivity of legal teams, and reduced contract delays and risks.
The survey reflects the potential of CLM solutions to improve the way that organizations manage their contractual processes. It is clear that leveraging modern CLM technology can enable businesses to better address their contracting needs and achieve the desired business results.