At best, enterprise-wide contract management can be a tedious process requiring meticulous insight and dedicated resources. However, with the introduction of new cloud-based technologies, the process has undergone a tectonic shift.
One of the emerging trends in automation is the use of online systems that allow for easy access across multiple devices and help consolidate disparate data spread across sectors like legal, sales and procurement, thereby creating a single, cohesive contracts repository. With the advent of cloud-based systems, all users can access contracts at any time on any device; phones, desktops, notebooks.
Data Analytics enables to fully leverage a contract’s potential as a business asset. Compliance risks are mitigated by identifying patterns in areas such as pricing, payment terms, and lapsed contracts. Analytics can also help to weed out non-performance entities and improve business impact. This is increasingly becoming an integral need of contract management systems today.