According to SpringCM’s 2018 State of Contract Management Report, which explores the challenges of efficiency, security, and compliance for managing contracts, 32% of businesses said they go through 3 or 4 versions (28% go through 5 or more). Unfortunately, 41% of employees used shared drives to store sensitive contracts. Most interesting is that 82% are looking for AI solutions to help with contract management and workflow (perhaps because 75% say human error impacts the contracting process).
Barbara Weltman
Big Ideas for Small Business, Inc.
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