{"id":41521,"date":"2023-10-27T07:27:00","date_gmt":"2023-10-27T07:27:00","guid":{"rendered":"https:\/\/www.my-equipment.com\/blog\/?p=41521"},"modified":"2023-10-23T07:33:17","modified_gmt":"2023-10-23T07:33:17","slug":"the-impact-of-contract-automation-on-businesses","status":"publish","type":"post","link":"https:\/\/www.my-equipment.com\/blog\/2023\/10\/the-impact-of-contract-automation-on-businesses\/","title":{"rendered":"The Impact of Contract Automation on Businesses"},"content":{"rendered":"<p>In the face of rising inflation and interest rates, businesses are under increasing pressure to improve productivity and reduce costs. One really effective solution making waves in contract management is automation.\u00a0 <strong>There are a lot of advantages of contract automation, from cost savings to quicker contract cycles, reduced errors, and improved compliance.<\/strong> It is time for construction companies to look into the potential of contract automation backed by statistics and insights from industry experts, and you are in the right place to do just that.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.my-equipment.com\/blog\/2023\/10\/the-impact-of-contract-automation-on-businesses\/#Lower_Processing_Costs\" >Lower Processing Costs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.my-equipment.com\/blog\/2023\/10\/the-impact-of-contract-automation-on-businesses\/#Faster_Contract_Cycle_Times\" >Faster Contract Cycle Times<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.my-equipment.com\/blog\/2023\/10\/the-impact-of-contract-automation-on-businesses\/#Fewer_Errors_and_Omissions\" >Fewer Errors and Omissions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.my-equipment.com\/blog\/2023\/10\/the-impact-of-contract-automation-on-businesses\/#Contract_Compliance\" >Contract Compliance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.my-equipment.com\/blog\/2023\/10\/the-impact-of-contract-automation-on-businesses\/#Less_Administrative_Workloads\" >Less Administrative Workloads<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Lower_Processing_Costs\"><\/span><b>Lower Processing Costs<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>A study by the International Association for Contract and <strong>Commercial Management<\/strong> showed us that contract automation can lead to remarkable cost savings, reducing contract processing expenses by up to 30%. These savings directly contribute to a healthier bottom line for businesses.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Faster_Contract_Cycle_Times\"><\/span><b>Faster Contract Cycle Times<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Gartner&#8217;s survey forecasts that contract automation software will be adopted by 90% of businesses to expedite their contractual procedures by 2023. This means quicker contract cycles, letting companies secure deals and agreements more swiftly. This way they will be gaining a competitive edge in the market.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Fewer_Errors_and_Omissions\"><\/span><b>Fewer Errors and Omissions<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The Aberdeen Group&#8217;s research indicates that contract automation can make accuracy a lot better. Businesses adopting automation can reduce errors and omissions by a substantial 40%. This translates to fewer legal complications and smoother business operations.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Contract_Compliance\"><\/span><b>Contract Compliance<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The same Aberdeen Group analysis also tells us the impact of automation on contract compliance. Streamlining compliance with automated processes make it so that businesses adhere to the terms of their contracts and meet regulatory requirements. Doing this helps in reducing legal and financial risks too.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Less_Administrative_Workloads\"><\/span><b>Less Administrative Workloads<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>According to the <strong>National Contract Management<\/strong> Association, organizations using contract automation can cut the time required to complete administrative duties by a remarkable 60%. This means less time spent on repetitive and manual tasks, allowing employees to focus on more important activities.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the face of rising inflation and interest rates, businesses are under increasing pressure to &hellip; <a href=\"https:\/\/www.my-equipment.com\/blog\/2023\/10\/the-impact-of-contract-automation-on-businesses\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;The Impact of Contract Automation on Businesses&#8221;<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":41523,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[901],"tags":[908,907,909],"class_list":["post-41521","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-construction-career-outlook","tag-commercial-management","tag-contract-automation-software","tag-national-contract-management"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Impact of Contract Automation on Businesses - Heavy Equipment Market Insights | News | Guides &amp; 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