With 44% of senior legal managers concerned over noncompliance within the contract renewal process, and another 38% worried about lack of standardization, organizations need AI solutions that uncover risk, ensure compliance and streamline the workflow within the contract review process, a new study finds. Download this white paper to uncover key results from the study.

A typical Fortune 1000 company manages between 20,000 to 40,000 active contracts at any given time, according to the Institute for Supply Management. This increasing number of contracts means that the day-to-day management and review of these documents is both burdensome and expensive. Recent events that have forced organizations into large-scale contract reviews have only added to that burden and expense.

This white paper outlines the survey conducted in the months of April & May 2022, among the in-house professionals within Fortune 1000 companies, on the current trends and challenges associated with the contract review. Automation technology & Artificial Intelligence can be used to address these challenges. The questions posed to the respondents included:

• Whether contract review workloads increased in recent years?

• What issues require the most time during contract review?

• What are the biggest challenges in managing contracts today?

• What percentage of companies use, have purchased or have considered using an AI or automation solution to facilitate contract analysis and review?

• What are the reasons for not purchasing an AI/automation solution?

Offered Free by: EdgeVerve Systems Limited