It\u2019s no secret that many startups fail every year.\nBut, a closer look at the data shows a shocking cause. Many startups fail, in\npart, because of poor contract management practices. The lack of an efficient,\nautomated system is cutting into razor-thin margins and leading to missed\nopportunities. \n\n\n\n64% of Businesses Identify Contract Management as a\nCritical Issue\n\n\n\nContract management is supposed to reduce financial\nrisk, while simultaneously maximizing operational performance. However, 64% of businesses surveyed in 2017, identified problems with contract approval processes\nas a significant drain on resources.\n\n\n\nDelays in customer, vendor, and stakeholder sign-offs impede workflow Almost 10% of companies say that human errors often impact their contract management processPoor contract lifecycle management often leads to poor relationship tracking, missed renewals, and business disruption\n\n\n\nWhy is Poor Contract Management Still an Issue in\n2019?\n\n\n\nStartups which failed in 2018, included 63% of new\ninformation-based businesses, 53% of new construction companies, 51% of new\nmanufacturers, and 42% of new property and financial services.\n\n\n\nAs part of a trend reflected in previous years, higher\nstartup failure rates tally with specific industry sectors. All of these\nsectors need a streamlined contract management process in place to thrive. \n\n\n\nHowever, despite the critical role contract management\nshould play in any organization, many firms are still using outdated manual\nprocesses and lack any formal contract management system or guidelines. \n\n\n\n60% of Businesses Still use Email as Their Primary\nContact Management Tool \n\n\n\nNot establishing a robust contract management process,\ndelays new contact approvals, renewals, and existing contract tracking.\nHowever, 60% of businesses recently surveyed, still cite email correspondence\nwith customers, vendors, and stakeholders, as their primary contract management\ntool. \n\n\n\nShould email communication be considered obsolete in\ncontemporary contract management? Email still has a place in modern contract\nmanagement. However, using email to communicate critical information and\nupdates, can result in miscommunication, approval delays, and contract\nbreaches. When this happens, financial ramifications can be severe. \n\n\n\nNo email system was designed to capture all of the nuances of contract negotiation. Even the best email systems lack the ability to adequately search for contract renewal deadlines and the ability to push contract-related alerts to stakeholders inside the organization.\n\n\n\nStartups & Established Businesses Need to\nStreamline Contract Processes\n\n\n\nLack of planning and inexperience are still predominantly\nto blame for most startup failures. However, poor contract management processes\nand systems put an additional strain on companies who are already struggling to\nfind their place in the market. \n\n\n\nIf you look at the industry leaders in almost every\nindustry, they all have tight, streamlined contract management systems.\n\n\n\nThe difference between market leader and business\nfailure is typically small. Simply implementing a cloud-based contract\nmanagement system can help startups survive long enough to grow their customer\nbase and begin to thrive.\n\n\n\nEmail, Excel, and filing cabinets are all excellent tools, but in today\u2019s hyper-competitive marketplace they are not enough to keep your business\u2019s contracts organized.\n\n\n\nGet online in minutes, implement in hours, realize ROI in weeks! Easy-to-use, helps you increase productivity, contracts & revenue. Available anywhere, anytime & on any device.Schedule a Free Demo today! \n\n\n\nA cloud-based contract management system that leverages the latest advances in AI and machine learning can turn your contracts into a powerful asset and market differentiator. \n\n\n\nYou can get contracts executed and implemented faster. Your team will never miss a renewal deadline again. Best of all, you can access data insights about your contracts from anywhere in the world. Don\u2019t risk all of your hard work and investment. Make sure your organization has a modern contract management system that is helping you to stay ahead of the competition.