Contracts, today, are not static, unyielding documents to be archived, rather live, strategic tools that drive operational value from the written word to the enterprise. An International Association for Contract and Commercial Management (IACCM) study reveals that poor contract management can result in revenue losses to the tune of 9.2 percent every year.
However, Contract Management adopters are yet to realize its maximum potential, with most enterprises using it just as a repository. Restricted scope to configure workflows, alerts, and dashboards, as well as extensive user training requirements in the erstwhile CLM, translated into low user adoption rates. Understandably, a 2017 IACCM report reveals extremely low client satisfaction levels with available solutions—user ratings dip further to 3.6 on a scale of 10. Application of Artificial intelligence (AI) in CLM is set to become the tipping point.
Download the infographic to know 8 ways Artificial Intelligence can transform Contract Management and the future of contract Management.