Just how important contracts are in the business world? Contracts are the hidden threads weaving through every deal, hire, and sale. As we step into 2024, we’d like to share nine undeniable insights about the current and future landscape of contracts we’ve learned throughout the year.
1. Contracts are everywhere in business
Whether you’re leading sales teams, running your own business, or advancing in your career, you’d have come across contracts – the unsung heroes, tying everything together, forming the foundation of every business.
2. Automating contracts is becoming a must-have
It’s not just a nice-to-have anymore. 63% of the people we asked said it’s important for their companies and evaluation of such a tool should be part of the tech investment agenda next year.
3. Clear language is key
60% of our survey respondents won’t sign something if the contracts are lengthy or difficult to read as a layman. So, contracts need to be simplified and easy to understand, even for those without a law degree.
4. Digital is the way to go
Reviewing and signing contracts digitally is nothing new. 84% think being able to do that from any device is going to be super important in the future.
5. Signing contracts is faster now
Thanks to digital signing tools, the majority of contracts are getting signed in just three days from the time it’s received.
6. Lots of cooks in the contract kitchen
Usually, there are at least three people involved in hashing out a contract before it’s ready to sign. Needless to say, even more people in B2B transactions. That means we need tools that help everyone collaborate smoothly.
7. Changing terms can be a deal-breaker
Perhaps it’s obvious, the top reason contracts don’t get signed? Changes in terms and more so, done without transparency. About 64% say that’s what holds them back.
8. Digital tools for managing contracts are in
Signing tools get the signature. But people are now looking for the magic, all-in-one tool to handle the entire contract workflow. Tools that make contract processing more efficient, especially in times when finances are tough.
9. The future’s all about digital
Contract management is heading towards more automation and streamlined processes. According to our survey, that is going to be a key factor for business success.
So, that sums up what we’ve learnt about contracts this year. You can read the entire report here. Stay tuned for more contracts insights like this in 2024!