The Rise and Proliferation of Contract Analytics- A Guide

23 Dec 2022 CiOL Newsadmin

Large-scale enterprise contract management as a business function has evolved in the last decade. What was legacy has now metamorphosed into a business process function, led by specialized contract management professionals, and supported by software engineers, cloud computing professionals, and data scientists. It all started as document management activity on a share-point when organizations began to realize that contracts could be a source of unlocking hidden value and, if left untouched, could result in massive compliance and business risk. Giving way to loosely drafted, inconsistent contract clauses led to lost revenue, compliance risks, and trust issues with the suppliers or clients. Contract management since then has progressed from person-centric to process-centric enterprise activity. The largest shift came with the realization of contract management as a cycle and the application of artificial intelligence on contracts to cut down on manual efforts and steps in contract management.

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