Apttus today announced the findings of its recent legal survey, entitled ’Contract Management Flaws that are Submarining your Business.’ Over 100 responses were gathered from top-tier legal professionals and brand representatives from Fortune 1000 companies.
The findings are highlighted by startling statistics and insights:
- 44 percent of respondents admitted that legal process inefficiencies hinder their revenue goals.
- Over 70 percent of respondents revealed that half of their contracts are not searchable via metadata or search terms.
- Up to 84 percent of legal departments are unable to run even basic reports on their existing contracts.
- 1 in 3 companies have over ten contract repositories, forcing legal teams to spend time managing multiple processes
- 44 percent of companies said it takes more than two days to execute a standard non-disclosure agreement, and often significantly more time
As a result of these inefficiencies, companies face significant increases to the time, cost and risk associated with even standard contracts.
More to these issues can be found within the whitepaper downloadable from Apttus whitepaper.