October 29, 2014 by Robert Gonzales
Apttus, the category-defining Quote-to-Cash solution provider, today announced the findings of its recent legal survey, entitled ‘Contract Management Flaws that are Submarining your Business.’ The findings, Contract Management Flaws that are Submarining your Business are highlighted by startling statistics and insights: 44 percent of respondents admitted that legal process inefficiencies hinder their revenue goals. Over 70 percent of respondents revealed that half of their contracts are not searchable via metadata or search terms. Even more surprising, up to 84 percent of legal departments are unable to run even basic reports on their existing contracts. As a result of these inefficiencies, companies face significant increases to the time, cost and risk associated with even standard contracts.
Over 100 responses were gathered from top-tier legal professionals and brand representatives from Fortune 1000 companies. Detailed analysis of the findings, paired with expert insight from Apttus’ legal team as well explanatory charts and illustrations, has been made available publically. Key results include:
- 44 percent of respondents identified ‘process efficiency’ as a leading barrier to their company’s revenue goals
- 1 in 3 companies have over ten contract repositories, forcing legal teams to spend time managing multiple processes
- 71 percent of respondents say less than half of their contracts are searchable by keyword and metadata, critical time-saving tools
- 84 percent of legal departments are unable to run reports on their contracts, removing access to rich data analysis
- 44 percent of companies said it takes more than two days to execute a standard non-disclosure agreement, and often significantly more time
More detailed statistics, graphics, and solutions to these issues can be found in the report ‘Contract Management Flaws that are Submarining your Business‘ that are Submarining your Business. The Apttus team is committed to reducing the impact of these issues through the use of its contract management software and extensive Quote-to-Cash offerings.
“This survey sheds light on the often unspoken issues in working with contracts,” said Jason Smith, senior director and legal counsel at Apttus. “Contracts are the lifeblood of all companies and are often left to be developed and executed independent of consistent policies and controls or even contrary to the company’s business strategy. This can have a lasting impact on the bottom line. These findings demonstrate that the need for Apttus’ contract management solution is now; it’s time to take action to use a proven technology to enable, support and promote sound contract management principles that not only protect the company’s revenue and reputation, but increase it.”
Apttus, the category-defining Quote-to-Cash software company, drives the vital business process between the buyer’s interest in a purchase and the realization of revenue. Apttus is delivered on the Salesforce1 Platform, the world’s most trusted and comprehensive cloud delivery infrastructure. Applications include Quote-to-Cash Intelligence (Analytics), Configure Price Quote (CPQ), Renewals, Contract Management and Revenue Management. Additionally, Apttus’ patent pending X-Author technology enables Microsoft Office to be a user-interface with full interaction and control between Salesforce and Microsoft Office. Apttus is based in San Mateo, California, with additional offices in London, UK, Bozeman, Montana and Ahmedabad, India. For more information visit: apttus.com.
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This news release contains forward-looking statements that reflect the Company’s expectations with regard to future events. Actual events could differ from those anticipated in this document.