Have seen a number of contract management approaches now, from the very simple to the complex. Make sense to start simple and progress based on goals, needs, and risks.
Contract Management 2.0: why AI and RPA will boost outsourcing results
The world is changing in a fast pace due to the overwhelming developments in Technology and operational models. Just like any market, also Contract management is subject to the influences of digital transformation. Technologies like artificial intelligence and robotic process automation are slowly entering the Contract management market. How will contract automation impact contract management? Technology evangelist Arjen van Berkum wrote an interesting article on these topics. We are happy to share his vision with our readers.
Overall, Technology is improving the way we work. When it comes to managing contracts these improvements – mostly contract automation related – have a positive impact on business results, supplier management as well as on customer and employee satisfaction. Technologies like artificial intelligence (AI), robotics and blockchain can improve contract management issues like compliance, data management, invoice settlement and contract analysis.
Technology does not need any sleep, it is not bound to a nine to five mentality and it doesn’t get sick. It offers a 24/7 availability and, when implemented well, it is more accurate than humans can ever be as long as it is bound by rules and repetition. As like almost everything in our professional lives, contract management is being influenced by digitization. Contract managers are changing their way of work and are eager to embrace the technological developments surrounding them. This is only logical, because technology carries a lot of potential in the contract management field, and I will explain how. ... "
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