Contract automation, or the use of software tools to streamline and automate various stages of a contracts lifecycle, can improve efficiency and efficiency. The primary goal of contract automation is to eliminate manual labor, enhance efficiency, and reduce the risk of errors or misplaced documents. It can also standardize templates, manage contract workflows, and set up real-time notifications for stakeholders, improving speed and collaboration. Contract automation significantly reduces the manual labor required for contract creation and negotiation, allowing legal teams to focus on higher-value tasks. Deloitte reports that businesses that implement intelligent Contract Lifecycle Management (CLM) tools can reduce their contract management costs by 60%. Goldman Sachs reports that automation can speed up negotiation cycles by 50%. Contract automation can also help businesses finalize deals quicker and improve market responsiveness.
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