It is very clear from the responses that contract automation can save companies time and money while reducing risk. The business case is very compelling during this time of doing more with less.
Boston, MA (PRWEB) April 2, 2009
Exari Group Inc., a leading document assembly and contract automation software company announced today the release of the "2009 Corporate Counsel Contracts Survey Report" based on surveys conducted at two recent industry events. Close to 90% of respondents were the General Counsel or other in-house attorney who reported the combined pain of poor renewal tracking and poor visibility into contract risk as the biggest problem with the contract management process.
The surveys were conducted at the ACC Annual Meeting and at LegalTech New York. Of the approximately 100 companies surveyed, more than 70% cited sales contracts as the dominant contract type with procurement contracts following at 51%. Most companies had not yet deployed significant contract automation, and were still using a combination of Microsoft Word templates and cut-and-paste. Visit the Exari Corporate Counsel Contracts Survey to download the complete report and to participate in this year's survey.
"We surveyed both the contract creation/authoring process as well as the contract management process," said Reg Foster, Exari CEO. "It is very clear from the responses that contract automation can save companies time and money while reducing risk. The business case is very compelling during this time of doing more with less."
Nearly half of the respondents create between ten and one hundred contracts per month, with 62% reporting that legal review of these contracts takes 4+ hours, and they manage a contract portfolio of about 10,000 contracts.
Exari is a global leader in automated document assembly and contract automation for large enterprises. Using XML and patented web technologies enables Exari to provide control and transparency into large portfolios of complex agreements so customers are better able to understand and mitigate their exposure to risk. The Exari system significantly cuts costs and cycle time, and is used worldwide by legal, procurement, sales, insurance, banking and government professionals. Exari solutions also ensure compliance and provide increased visibility into contract data further clarifying risk factors. Customers are supported from Exari offices in Boston, London, Munich and Melbourne. Try a demo of our contract automation software.