Legal departments suffer from what is known as the “more-with-less” syndrome – they are being asked to deliver work at a faster pace while maintaining the same level of control, all while regulatory compliance is becoming more complex. In many cases, the Legal department is growing at a slower pace compared to the number of contracts that are being negotiated.

Contracts are the foundation of many Strategic Activities in an organization. According to a whitepaper by IBM, the average Fortune 1000 company may have 20,000 to 40,000 active contracts at any given time. Most of these companies are still using the manual “file and forget” approach with little help from technology. This results in an inefficient approval process, increased legal risks, poor contract visibility and lost savings, profit and revenue.

Frustrated with these issues, and a desire to improve services for their clients, a number of companies have digitized the Contract Management process. This empowers them with the advantage of focusing on strategic activities instead of wasting time searching through the filing cabinet.