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Reduce Risk & Reinvigorate Revenue

How much could your organization save with Contract Analytics?

Crunch the numbers with our free tool.

Company




Contracts


25%
100%

25%
100%

25%
100%

Analysis


0%
72%

5hrs
20hrs

$150
$350

Your Return On Investment

On average, lack of advanced contract analytics is estimated to be costing your enterprise:

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Disclaimer: Please note the cost avoidance and savings outlined above are directionally only and further analysis and conversations need to occur to determine more accurate numbers.

Sources

  • A McKinsey study likewise found that a narrowly focused transactional approach to contracting leads to considerable inefficiencies because such contracts “are lacking basic elements that could enable better vendor performance and cost savings.” McKinsey study found that “suboptimal contract terms and conditions combined with a lack of effective contract management can cause an erosion of value in sourcing equal to 9 percent of annual revenues.
  • According to the Institute for Supply Management, a typical Fortune 1000 company manages anywhere between 20,000 to 40,000 active contracts at any given time, at least 10 percent of which are misplaced, difficult to find, still in paper form, or on a file share somewhere, buried in an e-mail attachment, or otherwise unmanaged or forgotten. Unsurprisingly, the general counsel respondents to a Lexis 2018 study demonstrated that more than half of them—53 percent—spent “too much time on repetitive tasks.”
  • For organizations that decide to outsource, the dollar cost can be a major drag on profitability. According to the same ACC benchmarks, legal departments spent an average of more than $730,000 on outside legal service providers in 2018.
  • The increasing volume of contracts and documents a business must manage further strains their limited resources. There are over 4 trillion documents in the United States alone growing at a rate of 23% per year
  • Drawing from International Association for Contract and Commercial Management studies, based on analysis of more than 700 organizations, it appears that business spend on a low risk contract from draft, negotiation, to signature, has increased 38% in the past six years, to an average of $6,900.
  • Drawing from International Association for Contract and Commercial Management studies, based on analysis of more than 700 organizations, it appears costs for a mid-complexity contract stands at $21,300
  • Drawing from International Association for Contract and Commercial Management studies, based on analysis of more than 700 organizations, it appears costs for a high-complexity contract stands at $49,000
  • According Institute for Supply Management, at a typical Fortune 1000 at least 10 percent of contracts are misplaced, difficult to find, still in paper form, or on a file share somewhere, buried in an e-mail attachment, or otherwise unmanaged or forgotten.
  • A Lexis 2018 study demonstrated that more than half of them—53 percent—spent “too much time on repetitive tasks.”

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