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Given rising inflation and interest rates, it's more important than ever for companies to find ways to increase efficiency and reduce costs. Contract automation is transforming the way companies manage their contracts, with research showing that businesses can achieve significant cost and time savings, reduce errors and omissions, and increase compliance.
In this article, we'll explore the benefits of contract automation, including reduced processing costs, faster contract cycle times, reduced errors and omissions, and increased contract compliance.
With statistics from industry experts and research studies, we'll highlight the impact that contract automation can have on your business.
- According to a study by the International Association for Contract and Commercial Management, companies can reduce their contract processing costs by up to 30% by implementing contract automation.
- A report by Gartner estimated that by 2023, 90% of companies will use contract automation software to streamline their contracting processes.
- Contract automation can reduce the average contract cycle time by up to 50%, according to research by the Aberdeen Group.
- The same Aberdeen Group report found that companies using contract automation can see a 40% reduction in errors and omissions in their contracts.
- A study by the National Contract Management Association found that companies using contract automation can experience a 60% reduction in the time spent on contract administration tasks.
- According to research by Forrester, automated contract management can increase contract compliance by up to 55%.
Incorporating contract automation can have a significant impact on businesses, with research showing that it can result in reduced processing costs, faster contract cycle times, decreased errors and omissions, reduced time spent on contract administration tasks, and increased contract compliance. These findings from industry experts and research studies highlight the transformative potential of contract automation in improving the efficiency and effectiveness of contract management processes.
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