In response to inflation fuelled by post-pandemic world challenges and political uncertainties, central banks worldwide are raising interest rates simultaneously. According to a study by the World Bank, this could result in a global recession in 2023, and a series of financial crises, which could have long-term negative consequences for the economy.
In times of economic uncertainties – with labor shortages and a looming recession – businesses need to strategically invest in automation and other technologies, to optimize productivity, and be better prepared for the economic challenges ahead. Contract management is one area where automation can help businesses reduce costs and improve processes. With the right tools and technologies, businesses can optimize their processes and achieve greater efficiency, accuracy and cost savings. The Covid-19 pandemic highlighted the importance of digital transformation and automation, and legal tech solutions for contract management are no exception.
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