Are you looking to add Contract Management to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important Contract Management statistics of 2024.
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Best Contract Management Statistics
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- While only1.2% of Administrative personnelparticipated in contract management, document automation software can help balance out the workload, helping lawyers concentrate on other tasks. [0]
- It takes an average of 3.4 weeks to get a contract approved, but using CLM software reduces that time by an average of 82% according to Forrester and Aberdeen. [1]
Contract Management Adoption Statistics
- By 2024, Gartner predicts manual effort for contract review will be reduced by 50% due to adoption of AI based contract analytics solutions. [1]
Contract Management Latest Statistics
- Analysts at PricewaterhouseCoopers suggested that a business can save up to 2% of their annual costs by utilizing contract management and thus avoiding inaccuracies and non. [0]
- Accelerate negotiation cyclesby 50% Reduce erroneous paymentsby 75 to 90%. [0]
- Cut operating and processing costs related to to contract managementby 10. [0]
- 70 80%of business operations are governed by contracts 46 cents out of every $1spent on legal services goes on external costs. [0]
- 37% of companiesspent more than $750k on legal technology in 2018. [0]
- Up to40% of a contractâs valuecan be lost without close contract governance, says aKPMG. [0]
- $6.900 is the average costof a simple contract, estimated byWorld Commerce and Contracting. [0]
- For example, with AXDRAFT you can cut the average contract costs by automating the drafting processes and saving up to 70% of your lawyerâs time. [0]
- In its 2019Benchmark Survey ACCstated that80.8% of in house lawyershad to participate in contract management by simply reviewing and drafting documents. [0]
- 57% of work on Data Collectionis allocated to LDs. [0]
- 79% of Legal researchand90% of Records Managementis also done by your lawyers. [0]
- Did you know that Contract processesconsume18% of the selling cycle. [0]
- According to CLOC 2019 State of the Industry Report, only 12% of surveyed LDs are using AI tools in their processes. [0]
- Here is what companies achieved after switching to CLM, based on the research 1%larger average deal size 2.5%higher annual customer renewal rate. [0]
- 20%higher lead conversion rate 24%shorter sales cycles. [0]
- CLOC found out how ready lawyers are for accepting digital identities 43% of LDsare using eSignature tools in their operations 27% are completely satisfiedwith. [0]
- the tool 9%of surveyed LDs are using more than3 different legal service providers Smart contract code is used to automate main clauses of agreements based on external or internal data inputs. [0]
- 57%of senior level executives rank ârisk and complianceâďż˝ as one of the top two risk categories they feel least prepared to address. [0]
- 62%of organizations have experienced a critical risk event in the past three years. [0]
- 87% of organizationssee tech risk management as a siloed, reactive process rather than âan organization wide function for proactive risk management. [0]
- 32% of organizationswere victims of a major cyber attack in 2017. [0]
- Nearly 60% of executivesrank cybersecurity as one of their organizationâs top five risks. [0]
- Only 18% of organizationsleverage automated processes for IT risk data collection and reporting, even though this methodology provides the most proactive approach to risk mitigation. [0]
- Only 13% of organizationsconsistently use key risk indicators to understand and manage IT risk. [0]
- While companies can take every preventive measure out there to protect their data in house, can they really be 100% sure third parties will treat their sensitive information with the same care?. [0]
- 57% of organizationsdonât keep an inventory of all the third parties with which they share sensitive information. [0]
- And yet, 57% of organizationsarenât confident that their vendor management policies would prevent a data breach. [0]
- World Commerce and Contracting calculated that poor contract management practices are costing businesses an average of 9% of revenues each year. [1]
- A KPMG survey of outsourcing suppliers found that without close contract governance, businesses stand to lose up to 40% of a contractâs value. [1]
- Administrative costs associated with contracts are reduced by 25% 30% through implementing automation according to Aberdeen Research. [1]
- 25%â40% of a lawyerâs time is spent on tasks that donât require a lawyer resulting in $2.7 million in lost productivity according to Gartner Less than 50% of negotiated savings are typically realised over the life of a contact according to The Faculty. [1]
- Whatâs 9% of your businessâs annual revenue?. [1]
- 65% of Legal professionals identify time lost on administrative tasks as their biggest pain point according to a global legal survey. [1]
- It takes, on average, 20 30 days for a company to create, negotiate and finalise a contract according to Aberdeen Research. [1]
- Best in class companies renew 56% of their contracts annually, according to Aberdeen Group. [1]
- This is more than twice the percentage of those companies outside of best in class (25%). [1]
- Aberdeen Group estimates bestin class companies have 78% of their contracts in a searchable, central repository vs 34% for the rest. [1]
- Digitisation of contract management offers the potential to improve compliance by 55% according to Forrester and Aberdeen. [1]
- The Journal of Contract Management estimates that 71% of businesses canât locate at least 10% of their contracts. [1]
- GDPR fines can be up to 4% of annual global turnover or âŹ20m, whichever is greater. [1]
- Companies lose9.2% of their bottom linethrough ineffective contract management. [2]
- By 2024, 40% of I&O teams will use AI augmented automationin large enterprises, resulting in higher IT productivity with greater agility and scalability. [2]
- Todayâs estimates are that anywhere from 55% â 70% of organizations DO NOT have effective contract management systems. [2]
- âIn the U.S, contract disputes represent 64% of cases in state courts, making it imperative that organizations know where their contracts are locatedâ. [2]
- For some industries, vendor and supplier contracts compose 90% or more of annual revenues. [3]
- On average, 18% of an enterpriseâs sales cycle is attributed to contract creation, negotiation, and approval. [3]
- Research shows that Poor contract management costs companies an average of 9% of their annual revenue. [3]
- e.g. invoicing errors or unfavorable payment terms â or more indirect, like contractual obligation misunderstandings, which can erode business relationships and hinder renewals.71% of businesses canât locate at least 10% of their contracts. [3]
- Research indicates By 2024, companies using advanced contract analytics solutions will reduce manual contract review by 50%.Intelligent CLM platforms bypass many of the tedious processes associated with manual review and more traditional CLM platforms. [3]
- Companies that use intelligent CLM reduce delivery turnaround time by 40% per contract. [3]
- Compared to traditional models, companies see a 60% cost reduction with intelligent CLM implementation. [3]
- Nearly 68% of legal departments, for example, now say âdigitizing manual processesâ is a top priority, according to a study conducted by Paradoxes Inc. on behalf of DocuSign. [4]
- According to a study conducted by Paradoxes, 46% of contract management professionals say an abundance of manual tasks make collaborating on contracts a challenge. [4]
- 47% of sales teams say analyzing nonstandard agreements for opportunities and risksâin a shifting regulatory environmentâis the most difficult part of the post. [4]
- Supply chain management and product shipping accounts for between 50% and 70% of corporate carbon emissionsâand 3% of the worldâs total CO2 emissions. [4]
- According to a published report by CDP, 215 of the worldâs largest global companies are recognizing climate change as a serious threat to business. [4]
- With nearly $1 trillion at risk, 73% of responding companies confirmed boardlevel oversight of climate. [4]
- 56% of HR professionals said ID management would become critical to their success over the next five years. [4]
- Pre Complaint Counselings 51 8 59 Settlements 0 0% 3 37.5% 3 5.1% Withdrawals or No Complaints. [5]
- Filed 25 49% 2 25% 27 45.8%. [5]
- Complaints Filed* 29 49.2% Decision to File Complaint. [5]
- Pre Complaint Counselings 59 91.5% 13.6% Complaint Closures. [5]
- 42 0% 0% Top Basis 1 Top Basis 2 Top Basis 3 Bases of Alleged Discrimination Reprisal. [5]
- Total # # Timely % Timely FY 2009. [5]
- All Investigations 15 1 6.7% 306 260. [5]
- 4 3 75% 521 302. [5]
- Total Final Agency Actions 24 57.1% 17 70.8%. [5]
- 7 29.2% 0 63.6% Dismissals 13 54.2% 13 100% 0 0% 0 0%. [5]
- Merit Decisions 11 45.8% 4 36.4% 7 63.6% 0 0%. [5]
- Finding No Discrimination 11 100% 4 36.4% 7 63.6% 0 0%. [5]
- Total # # Timely % Timely FY 2011. [6]
- 3341% costs can be reduced by eliminating contract inaccuracy and non. [7]
- 60 80% business transactions are governed by contracts. [7]
- As a result, industry revenue is expected to rise at an annualized rate of 1.5% during the period to $13.4 billion in 2021…. [8]
- attach_money Market Size $13bn business Number of Businesses 8,768 poll Average Industry Profit Margin x.x% Purchase this report or a membership to unlock the average company profit margin for this industry. [8]
- Business improvement advisory services 00.5% increase 0. [8]
- Contracting that lacks quality data has been shown to devalue contracts as much as 40%. [9]
- The commitment will be worthwhile because data driven decisions supported by analytics can lead to a contract ROI as high as 20%. [9]
I know you want to use Contract Management Software, thus we made this list of best Contract Management Software. We also wrote about how to learn Contract Management Software and how to install Contract Management Software. Recently we wrote how to uninstall Contract Management Software for newbie users. Donât forgot to check latest Contract Management statistics of 2024.
Reference
- axdraft – https://blog.axdraft.com/contract-management/contract-management-in-numbers/.
- gatekeeperhq – https://www.gatekeeperhq.com/blog/the-benefits-of-contract-management-in-numbers.
- contractpodai – https://contractpodai.com/news/contract-management-needs-3-stages-maturity/.
- intelagree – https://intelagree.com/the-cost-of-contracts-why-choose-an-ai-based-contract-management-platform/.
- docusign – https://www.docusign.com/blog/contract-management-trends-watch.
- eeoc – https://www.eeoc.gov/federal-sector/defense-contract-management-agency-dcma-fy-2010-eeo-complaint-processing-statistics.
- eeoc – https://www.eeoc.gov/federal-sector/reports/defense-contract-management-agency-dcma-fy-2012-eeo-complaint-processing.
- mydock365 – https://blog.mydock365.com/why-businesses-need-to-invest-in-contract-management-solution.
- ibisworld – https://www.ibisworld.com/united-states/market-research-reports/pharmaceutical-contract-management-consulting-industry/.
- cobblestonesoftware – https://www.cobblestonesoftware.com/blog/5-critical-decisions-driven-by-contract-data.
How Useful is Contract Management
One of the key benefits of contract management is its ability to streamline the contract lifecycle process. From initial contract creation to negotiation and execution, all the way to monitoring adherence and renewal, contract management software and processes help organizations stay organized, save time, and reduce manual errors. By centralizing all contracts in a single repository, businesses can easily track key dates, obligations, and performance metrics, which enables them to proactively manage potential issues and avoid costly disputes.
Moreover, contract management fosters transparency and accountability in business relationships. By clearly defining the roles, responsibilities, and expectations of all parties involved, contracts help establish a solid foundation for trust and collaboration. This level of clarity not only reduces miscommunication and misunderstandings but also protects organizations from legal disputes and financial penalties stemming from breach of contract.
Another advantage of contract management is its role in enabling better decision-making and risk management. By having a comprehensive overview of all existing contracts, organizations can identify opportunities for cost savings, renegotiate unfavorable terms, or terminate underperforming partnerships. Additionally, contract management tools enable real-time tracking of performance against contractual obligations, allowing businesses to proactively address issues before they escalate and lead to potential losses.
Contract management also plays a vital role in compliance and regulatory adherence. With the increasing complexity of laws and regulations governing various industries, organizations must ensure that all contractual agreements are in compliance with legal requirements. Contract management software automates the process of reviewing contracts for regulatory compliance, minimizing the risk of non-compliance and potential legal consequences.
Finally, contract management contributes to enhancing vendor and customer relationships. By efficiently managing contracts and staying on top of obligations, organizations demonstrate their commitment to honoring their agreements and fostering a positive business environment. Strong vendor and customer relationships are essential for long-term business success, and contract management serves as a foundation for building trust and credibility with external partners.
In conclusion, contract management is an invaluable tool for businesses seeking to optimize their operations, reduce risks, and enhance collaboration with partners. By leveraging the capabilities of contract management software and adopting best practices in contract management, organizations can streamline their processes, stay compliant, and foster strong relationships with vendors and customers. As the business landscape continues to evolve, effective contract management will remain a critical component of successful and sustainable business operations.
In Conclusion
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