The State of Contract Management 2020/2021
Today’s organizations are going through a rapid shift in the way they manage contracts. The unexpected, rapid shift to remote work in 2020 shook up traditional workflows and amplified existing inefficiencies. To explore the way modern businesses are handling these changes, DocuSign collected data from 1,300+ contracting professionals.
The analysis breaks contract lifecycle management into five key stages. For each one, we dive into the people, tools and processes currently in place to discuss how that work could be improved with modern technology.
Here are just three key findings:
- Human error is at the heart of modern contracting problems, affecting 90+% of organizations
- Approvals are the biggest hurdle, commonly caused by workflows that force contracts out of the CLM platform
- Contract management tools help by automating repetitive tasks and enhancing human impact