Common contract management challenges in many organizations include a lack of standardized workflows, disconnected systems with no end-to-end visibility, and undefined manual processes that make collaboration difficult. Nearly half of professionals say excessive manual tasks are challenging, and businesses stand to lose up to 40% of a contract's value due to inefficiencies. A connected contract management platform can bridge gaps between people, processes, and performance by streamlining sourcing, contracts, compliance, and payments to discover opportunities and fulfill obligations across the enterprise.