Rapid globalization has fuelled the growth of the transport and logistics industry and led to a geometrical increase in the volume of contracts entered into by the enterprises operating in this sector. These contracts incorporate clauses and sub-clauses with obligations that cut across multiple entities, spanning regions, regulations, and business environments. Although the transport and logistics sector has evolved globally, the frameworks involved in its contracting processes struggle to keep up the pace.
With the rapidly growing businesses, fast expanding operations cutting through the geographic boundaries and the ever-increasing and updating environmental, federal and international regulations governing the Transport and Logistics sector; advanced, integrated contract management solutions have become a necessity in order to survive in this competitive market. By streamlining and automating workflows, improving visibility and accountability and ensuring improved compliance through analytics and AI, Contract management solutions are enabling the Transport and Logistics businesses to take on the complex nature of contract management today.