The impact of digital transformation
Every year, software evolves and changes, and its ongoing transformation continues to affects the way we do business. In this new contract era, the amount of technology is rapidly transforming the contract management industry. What can contract and procurement professionals do in this age of digital transformation to ensure better business outcomes?
Automation processes and smart software
In order to get the best results, you must have effective, automated processes in place. Set yourself up for success with smart software features like artificial intelligence and automated assistance from e-signatures and collaboration portals.
Smart tools equal less work and better outcomes
As we continue to understand the role artificial intelligence (AI) and machine learning (ML) play in the workplace, we see that they can provide us with real-time data, helping us make more informed decisions. We are able to complete more work in a day by reducing the amount of time spent on monotonous tasks.
Contract artificial intelligence can be used for:
• automated data entry
• better contract visibility
• data analysis and recommendations
• risk identification.
Did you know that contract artificial intelligence could analyse your contracts for you? Imagine receiving an automated alert letting you know that 30% of the contracts in your contract management system are considered high risk? Do you know how long it would have taken you to analyse that degree of data yourself?
Artificial intelligence for contract management purposes is designed to help you do more than enter contract data into your system. Contract evaluation and risk identification could be the key to better results.
Accelerate contract results with collaboration
One of the fastest ways to get results is by streamlining source-to-signature with negotiations and signed agreements. Document collaboration and e-signatures can be completed in minutes with the right technology and with audit logs to review for future strategy adjustments. Winning RFXs and effectively preparing bids are other factors that should be considered when determining your team’s strategy. Consider consolidating all processes into one central contract repository for a better process. It will make it easier to evaluate the past to help determine the future.
Lastly, choose to conduct document exchanges, negotiations, and agreements from within your contract management system. Collecting and responding to RFPs, dealing with supplier registration and other time-consuming procurement tasks may be taking up more time than they should, with the amount of technology advancements available. Choose to make your process as easy as possible so you can focus on strategy and results. You’ll find yourself closing more deals and providing faster service.
Plan for contract management success
Whether you’re new to contract management or are perfecting your current contract lifecycle process, make a new strategy focused on achieving better results your intention for this year. Four Business Solutions are always available to help you with planning for contract management success. Once you have an enterprise contract management system in place, so you can begin focusing on stronger, smarter contract strategies.
Contract Insight from Four Business Solutions
Contract Insight – our contract management software – helps you better manage and secure your business. If you’d like to find out more, or you’d like a free trial to understand how Contract Insight can help you, please call me, John O’Brien, on 0800 6250 025.
John O’Brien is the CEO at Four Business Solutions, global business consultants and software integrators providing business processes improvements in Finance, Supply Chain & Operations, across a broad range of industries.