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A typical Fortune 1000 company manages between 20,000 to 40,000 active contracts at any given time, according to the Institute for Supply Management. 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. This white paper outlines the survey conducted in the months of April & May 2022, among the in-house professionals within Fortune 1000 companies, on the current trends and challenges associated with the contract review. Automation technology & Artificial Intelligence can be used to address these challenges. The questions posed to the respondents included:
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