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Webinar Overview
The critical role of contract management technology has grown dramatically since the disruptive events of the COVID-19 pandemic. AI-powered CLM has stepped in as the primary defense against various risks that enterprise procurement teams face – inflation, geographic exposures, and supply chain breakdowns. This webinar explores market trends in the buy-side CLM market and how CLM helps protect the enterprise.
Watch on-demand below.
Navigate Global Disruption with AI-Powered Digital Procurement
Speakers
Patrick Reymann
Research Director – Procurement and Enterprise Applications, IDC
Julian Davis
Chief Operating Officer, WorldCC
Puneet Bhakri
SVP – NA Sales & Global Alliances, Sirion
The Highlights
In this webinar, Patrick Reymann, Research Director – Procurement and Enterprise Applications at IDC, discussed the top trends in the buy-side CLM. Let’s check out a few below, but watch the full webinar above for more actionable insights.
Trend 1: Automation and AI Integration
Automation and AI have become pivotal in transforming CLM processes, from contract creation and metadata searches to document control and obligations management. These technologies enhance efficiency, enable advanced analytics, and inform better sourcing decisions. They’re no longer option tools for procurement teams.
Trend 2: Predictive Analytics for Intelligent Decision Support
The evolution towards predictive analytics in CLM tools supports intelligent decision-making by providing insights into cost implications and other predictive metrics. This marks a shift from static, backward-looking platforms to dynamic, forward-looking solutions that offer actionable intelligence.
Trend 3: Customizable, Low-code or No-code Workflows
There’s a significant focus on developing customizable workflows within CLM systems that cater to specific business needs without requiring extensive coding. This trend is driven by the desire to increase operational efficiency and stakeholder engagement across various departments beyond legal and procurement.
Trend 4: Emphasis on Scalable Solutions and Change Management
Enterprises are looking for scalable CLM solutions that can adapt and grow with an organization’s evolving needs. Effective change management practices are also essential for successful implementation, ensuring that the transition to new CLM systems is smooth and the organization realizes the intended benefits.
Trendy or Here to Stay?
These trends reflect the dynamic nature of the buy-side CLM market, emphasizing the need for flexibility, advanced analytics, and user-centric solutions to adapt to global disruptions and advance digital procurement strategies.
They’re also likely here to stay, especially as generative AI takes the stage. That means choosing a CLM solution that meets current needs, is scalable, and positions organizations for future success.
Check out Sirion’s solution – a full-lifecycle CLM with AI as its background that will grow with you.
When it comes to contract management, business teams have often historically “set it and forget it” — but a contract can be a vital source of business insight when managed well.
Additional Resources
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