According to a survey conducted by EY Law and the Harvard Law School Center on the Legal Profession in January of 2021, on average, large organizations tend to manage around 350 contracts each week.

This number is especially gruesome for those who manage more simple contracts, without proper processes for repeatable tasks, including the whole admin around those documents.

Because of that, many companies dislike managing these low-complexity contracts—it lowers employee morale, leaving talent feeling underutilized.

They may lack sufficient staff to handle these tasks, would prefer their talent to focus on more high-value contracts or tasks, find it increasing the overhead costs, and feel it’s less efficient in the long run.

If the number of contracts your business is managing starts to count in dozens, hundreds, or even thousands—it’s time to seriously think about introducing proper contract management to deal with those documents, especially repeatable ones, as efficiently as possible.

In this article, we’re going to cover the basics of what contract management is, touch on the benefits and challenges, talk about the strategy, KPIs, and analyze how to improve your contract management with an electronic signature software in place.