Last updated on February 3rd, 2020 at 02:13 am
You already know that the pace of technological change is getting faster every month. But, technology is now starting to impact areas that have long been dominated by manual and analog practices.
One of the areas where technology is having the biggest impact on firms is in contract management.
In the near future, commercial contract management practices will be so streamlined and automated, that any company that hasn’t updated their system may find they are too far behind to catch up.
Lifecycles are Getting Faster
Technology isn’t driving all of the changes in contract management. Changing business practices are also pushing organizations of all sizes to adapt. One key practice is the shortening of the contract lifecycles.
As more companies adopt lean and agile business practices, the more demand there is for shorter-term contracts and flexible contracts that take changing market conditions into consideration.
Because contract lifecycles are faster than ever, contract managers have to be more active in compliance management. Contract administrators have to be ready to negotiate more deals in less time.
Automation is Becoming the Industry Standard
Smarter software, using the latest advances in artificial intelligence (AI) and machine learning, is allowing more companies to automate significant parts of their contract lifecycle management.
Because contract management software is now more powerful and more affordable than ever, automation is becoming the industry standard.
Firms that do not employ any automation in their contract management practices are already having to scramble to keep up with competitors. Rivals are able to close deals faster and have better compliance track records.
This gap is only going to increase in the near future.
Organizations that don’t use contract management software to automate at least some portion of their contract processes will be like the British textile companies who refused to modernize their looms and sewing machines and found themselves obsolete and out of business in the blink of an eye.
The Point of No Return is Approaching
Because contract management goes to the core of an organization’s stability and profitability, and competitive advantage in this area must be seized immediately.
The point where automation and fast contract lifecycles will make it impossible for companies using manual processes to compete is fast approaching.
Already, many companies are seeing that their slow manual contract approval process is affecting their ability to close deals. More agile competitors are poaching vendors and customers.
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How Contract Management Makes You More Competitive
Contract management software is more than a digital version of your manual processes. It’s a paradigm shift in the way contract management works.
Machine learning-powered software automates everything from contract drafting to contract compliance management. Alerts, smart search, and cloud-based accessibility allow your team to have on-demand access to all the information they need from anywhere in the world.
Contract management software significantly reduces contract management errors. It also reduces the number of staff resources needed to maintain existing contracts.
The right contract software becomes a valuable digital contact management assistant.
The future of contract management is smart and automated. The sooner your firm adopts the tools of the future, the more prepared you will be to become an industry leader.