We created a new report called the contract compass report. Why? Because contracts are the most vital part of a business. They’re the lifeblood of every organization. A company could not exist without them. Yet, when you think about companies, you don’t think about contracts. They remain omnipresent while being invisible to the naked eye.
We wanted to get the pulse on contracts so we spoke to those professionals who work with contracts day in and day out as a part of their job. They gave us some incredible insights into where contracts are at the moment, and where they are headed in the near future. And we used those insights to create our Contract Compass Report.
The data we collected about contracts was plentiful and full of surprising facts. Here are just a few of the forensic details we uncovered about the world of contracts in our contract compass report:
63% of professionals use contracts for Sales
Contracts, as we know, can be used in tons of different ways and functions. Agreements come in all shapes and forms, and contracts are used to seal those agreements. When it comes to businesses though, the majority of them use them for Sales. As that’s the function that had the biggest use case, but it doesn’t lead by too much!
Contracts are also used to hire and recruit new employees significantly, as when you think about it, each new employee means a contract. Legal is the function that has the third highest use case, which also makes out as contracts are legal agreements.
An interesting thing that we saw is that respondents listed tons of different industries and functions when writing in their own answers. We saw consulting, freelancing, E-commerce etc. The list could go on, and we love seeing contracts being used in such novel and exciting ways!
As time progresses we are super excited to see what novel ways that digital contracts can be used.
Read also: How to find free sales agreement template?
Contracts have a high value of 1k Euros
When signing a contract, the most exciting part of it (as a salesperson) is seeing the value of it. Typically, the higher the amount, the happier the salesperson is. And if you’re on the other side of the equation in this situation, or the one shelling out the large sum of money, you want to be sure that everything is in order before the deal is signed.
On average though, we saw that value amount of contracts being signed by professionals are quite high. The amount of contracts that professionals have signed was quite varied in the contract compass report. With the majority of professionals having signed a contract worth over 1,000 euros! That’s a pretty penny to get for your electronic signature!
Read also: Why you should use contract management software for your business?
Contract Automation is crucial to companies
The key takeaway is that contract automation is an important issue for businesses. 63% ranked contract automation as important to their company. They are aware that this is an area where automation and digital transformation are possible. And it’s a low-cost initiative that can have an outsized impact on their organization. Not only on their bottom line but streamlining and increasing the efficiency of their processes.
Contract automation is an area that cannot be ignored as the future of business and commerce is defined. It appears that those who adopt digital contract solutions early on will have an advantage over their competition, and this is something that based on our research appears to be the case and future editions of the contract compass report will spell it out more clearly for us all.
The Contract Compass Report
These are just some of the insights that we learned from our independent research, and it’s only the beginning of us charting the future of contracts. Times have changed and will continue to change. That’s the way of the world we live in. The future from what we see is digital, and digital contracts have a part to play in that future.
You can get the whole contract compass report for free at this link here:
