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Many organizations struggle to keep track of contracts due to MA activity, fast growth, and departmental contract management solutions. This can lead to a lack of visibility and understanding of terms, provisions, and clauses buried in contracts. Not knowing contract details can result in revenue loss and inefficient processes. One example is a technology company losing revenue due to inability to enforce negotiated price increases in contracts. Another example is a financial services firm receiving over 1,000 ad hoc requests for contract data annually, requiring a special team to manually search for information, each request taking two days.
