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As the importance of contracts in the business landscape grows, the importance of handling contracts effectively grows as well. In the modern enterprise, contracts are increasing in number. At the same time, compliance demands are rising, so that the processes required to manage contracts effectively are requiring more from legal teams. The efficiency of contracting processes has a significant influence on every business’s bottom line, and the effectiveness of these processes is essential in controlling for risk.
These factors create significant strain on contracting and legal teams. More often than not, the legal department is under pressure to handle these increased demands, often with the same headcount or even fewer employees. Legal professionals are in the position of having to do ever more with less.