The Black Hole of Contract Management
Contract managers need to manage their data better, and some upcoming solutions can take unstructured data and present it in a structured way, writes Amanda Prochaska in her blog, Procurement Unstuck.
“You will still have to review the results and train the technology to learn more about your contracts, but it has the ability to keep your data up to date and reliable. It will also allow you to find clauses in your contracts, like the infamous assignment clause. If you are looking to improve your contract management process, you must look at these technologies,” she writes.
She warns that if the legal team, risk team, insurance team, finance team, and stakeholders are not interested in using the solution, the contact management solution will mostly be a repository.