In SpringCM's third annual State of Contract Management, they report that only 32% of survey respondents are using a contract management solution, up 6% over last year.
Contract Management Systems provide an organization with the means to securely write or upload contracts, distribute the contracts, monitor activity, manage edits, automate the approval process, and aggregate contract statistics for reporting.
It's not surprising, but it is alarming that a vast majority of corporations send contracts via email. In fact, Spring CM reports that more than 85% of corporations still attach contracts to emails. 60% of survey respondents said they manage the entire contract process via email. This is troublesome for two reasons:
- Email is not a secure transport mechanism. Files can easily be identified and downloaded via monitored network nodes anywhere between the recipients by hackers.
- Corporations have more remote or traveling sales forces, meaning they're often working on insecure, open networks that are not monitored for security but may be monitored by others.
Of the organizations using a contract management platform, nearly one in four (22%) say mitigating risk was their priority. And while more organizations are making moves toward automation in their contract processes, many still struggle with manual, insecure contract practices. Automating workflow throughout the contract management process presents a significant opportunity for a more efficient sales cycle, and eliminates the challenges and risks associated with manual workflows. Businesses that successfully choose and implement contract management solutions are most likely to experience increased revenue and fewer contract-related errors.
Contracts are the lifeblood of most organizations, but deals often grind to a halt when they hit the contract stage. That’s why we research the challenges associated with the contract management process. Our goal for this study is to provide decision-makers with actionable insights to advance their contract management processes. Will Wiegler, senior vice president and CMO at SpringCM
The full report reveals insights into the adoption of technology within the contract management process as well as the results of implementing a contract management system. I’ve appended the release below for more information.
SpringCM helps work flow by delivering an innovative document management and workflow platform, that powers the leading contract lifecycle management (CLM) application. SpringCM empowers companies to become more productive by reducing the time spent managing critical business documents. Intelligent, automated workflows enable document collaboration across an organization from any desktop or mobile device. Delivered through a secure, scalable cloud platform, SpringCM document and contract management solutions seamlessly integrate with Salesforce, or work as a standalone solution.