The typical Fortune 1000 company maintains around 20,000 to 40,000 active contracts at any given time. Managing this existing volume and along with the velocity of new contracts and contract requests is often left to an arduous, manually oriented process that is difficult to scale and realize efficiency gains from.
Be it procurement, legal, finance, or sales – the enterprise contracting process can only evolve by embracing technology, specifically in the area of contract lifecycle management (CLM). While there are plenty of CLM vendors in the market, only a handful infuse their solutions with the power of artificial intelligence (AI). It is a key component to ensure scalability and enable different business functions to come together, collaborate, and draw more value from every contractual relationship.
In this paper, we’ll discuss how an AI-powered CLM can address the need of key business personas, and the outcomes they can expect from implementing such a system.