In the fast-evolving world of legal technology, there’s a growing recognition that while tools like e-signatures, drafting software, and negotiation platforms streamline the pre-execution process, they often fall short of delivering significant ROI. These tools are fantastic at speeding up contract creation and review, but what happens after the ink is dry? The real value lies beyond the signature—it's in the data within those contracts.
The true business case for legal technology is often misunderstood. While efficiency in contract execution is important, the potential for transformation lies in what happens next: the democratization of contract data. This is where the ROI becomes substantial, and it's a missed opportunity that many organizations are just beginning to realize.
According to the IACCM (International Association for Contract and Commercial Management), poor contract management is a silent revenue drain, costing businesses up to 9% of their revenue each year. Imagine the impact of reclaiming even a fraction of that loss by unlocking the potential of your contract data.
This upcoming blog series will explore how democratizing contract data can empower various business units—including sales, customer support, compliance, finance, accounting, and human resources. By integrating contract data into their workflows, these teams can drive better decision-making, reduce risks, and ultimately contribute to a healthier bottom line.
From leveraging contract data to anticipate customer needs, ensuring compliance, optimizing financial forecasting, and beyond, this series will guide you through the transformative potential of legal technology when it’s used to its fullest capacity.
Stay tuned as we dive deep into the ways contract data can become a powerful asset, turning legal technology from a cost center into a value generator for your entire organization. Each blog will offer insights, practical examples, and strategies to help you harness the full potential of your contracts and achieve the ROI you’ve been searching for.
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