The vast majority of U.K. businesses are seeking to alter the way they draft, handle and store their contracts, according to research by Big Four professional services firm EY, with almost all looking to cut costs in the area in the next two years. 

Of the 170 businesses surveyed by the firm, 94% claimed to be looking to make strategic or tactical changes to their contracting processes amid pressure to cut costs and deliver successful legal transformations, EY said.