For long contracts in an enterprise have been regarded as a mere document that needs to be signed, filed away, and neglected until a problem crops up. However, contract management is rapidly transforming in enterprises across the globe, and will soon look nothing like its former self. With the growing number of stakeholders and the complexity of the contract process, enterprises are inclined towards the idea of building a strategy that promotes more efficient, secure and customer-centric business practices.
A few years ago, digital contract management was considered as a newbie to the tech stack to some. The cloud was regarded as momentary and susceptible. And businesses also doubted using digital signatures since the validity of the signatures was a matter of concern, and they wanted to safeguard themselves against identity fraud. But that hanged soon. Digitalisation has made its way into contract management to help organisations store and manage their contract portfolio from the cloud in a secure manner, while also automating diverse aspects to improve efficiency and reduce risk and prevent revenue leakage. The amalgamation of artificial intelligence (AI) with the contract management system has also innovated business opportunities by redefining the true potential of these contracts that were stashed within millions of files and folders for years. Alongside, AI can transform unstructured contract documents into structured enterprise data. Implementing AI in contract management can support the enterprise in determining business risks and opportunities. Besides, machine learning and AI assist in the specification and analysis of clauses and other data. In addition to this, automated contract abstraction and migration is another technology-enabled service that organisations are adopting to automate the overall process of extracting information from all contracts.
Besides, brands are also providing an intelligent and well-designed digital experience when signing contracts with customers. Intuitive UXdesign and customer-centric support have become key characteristics that contemporary businesses keep an eye on when selecting their next contract management software.
Keeping these transformations in mind, CIOReview has compiled a list of innovative companies that can help you build the partnership that you and your firm need to reap the countless benefits of advanced enterprise contract management.
We present to you CIOReview’s “10 Most Promising Enterprise Contract Management Companies in UK and Europe - 2021.”