1、PossibilitiesUnlimitedWhitepaperTwo-Thirds of Senior Legal Managers Find Their Contract Review Workloads Increased:How AI/Automation Solutions Can HelpWith 44%of senior legal managers concerned over noncompliance within the contract renewal process,and another 38%worried about lack of standardizatio

2、n,organizations need AI solutions that uncover risk,ensure compliance and streamline the workflow within the contract review process,a new study finds.A typical Fortune 1000 company manages between 20,000 to 40,000 active contracts at any given time,according to the Institute for Supply Management1.

3、This increasing number of contracts means that the day-to-day management and review of these documents is both burdensome and expensive.Recent events that have forced organizations into large-scale contract reviews have only added to that burden and expense.In April and May of 2022,Corporate Counsel

4、 Custom Solutions conducted,on behalf of EdgeVerve Systems Limited,an Infosys Company2,a survey of in-house professionals within Fortune 1000 companies on current trends and challenges associated with contract review and leveraging Artificial Intelligence or automation technology to address those ch

5、allenges.The questions posed to respondents to gather information included:Whether contract review workloads increased in recent years?What issues require the most time during contract review?What are the biggest challenges in managing contracts today?What percentage of companies use,have purchased

6、or have considered using an AI or automation solution to facilitate contract analysis and review?What are the reasons for not purchasing an AI/automation solution?Introduction2 2022 EdgeVerve Systems Ltd.Executive summaryThere were 83 respondents in the survey.The results were heavily senior managem