Almost 25% of the businesses responding to the survey don’t have a system for contracts and close to 60% struggle to find the contracts they’re looking for.
While the market’s move to cloud services has been a step forward, making it less likely for contracts to disappear scattered on various employees’ local hard drives, it seems there is still potential for improvement.
Now, most businesses probably won’t need an extensive contract lifecycle management system. The more functions, the more complicated and time consuming it is to learn and use, and the less likely it is that the employees will use it correctly – or bother to use it at all.
However, having some form of standard for creating and storing contracts that is simple and efficient enough for it to be used as intended might help avoid some of the challenges the respondents in this survey face:
Not finding contracts, missing contract renewals or expiries, and losing control over who has access to contracts – to mention a few.
At Documaster, we are on a quest to learn more about how businesses manage their contracts: what systems they use, what challenges they face, and what they need to solve them.