Contract Intelligence as a Competitive Differentiator
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Key Takeaways
⇨ CLM solutions not only streamline the process of contract management by standardizing the process steps, like core templates, but also help provide visibility into aspects like spend and supplier performance. A typical CLM solution will cover all stages of contract lifecycle like contract initiation, development, negotiation, compliance and contract renewal.
⇨ Evolution of technology has certainly played a big role in the evolution of CLM solutions. Artificial Intelligence (AI), Machine Learning (ML) and rapid digitalization of supply chains are some drivers behind the evolution. This has led to the need to a new, advanced, and intelligent type of contract management platform.
⇨ Advanced data science methodologies are the need of the hour, and a decision intelligence tool needs to incorporate these data science methodologies. Not only that, it also needs to have features that allow non-technical users to leverage these advanced methods for analytics.
As technology around us has evolved exponentially, so have solutions that help organizations leverage technology as an enabler. One such category of solutions is contract lifecycle management solutions. Since the early days of manually drafting contracts that went through several review cycles, contract lifecycle management has come a long way, thanks to technology. This article explores what contract intelligence solutions are and why they are becoming strategic tools.
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