New Year, New Strategy
As we enter a new year, we expect changes in software that will affect how we do business. It’s important to understand how to effectively adjust business processes to succeed, but in this new contract era, predictions indicate we will focus on how we can apply digital transformation to develop better outcomes. With the amount of technology that’s rapidly transforming the contract management industry, contract and procurement professionals should understand how to respond to achieve better results.
“I expect to see a shift in organizational strategies in the coming years as organizations begin choosing smarter contract management tools and, in return, will be able to implement more and more data-driven strategies.” – Bradford Jones, Sales and Marketing Director at CobbleStone Software
In order to focus on results, you must have an effective, automated process in place. Set yourself up for success with smart software features like artificial intelligence and automated assistance from e-signatures and collaboration portals and the results will follow.
Smart Tools Equal Less Work and More Outcome
As we continue to understand the role artificial intelligence (AI) and machine learning (ML) play in the workplace, we see that it can provide us with real-time data, helping us make more informed decisions. We are able to complete additional work in a day by reducing the amount of time spent on monotonous tasks.
Contract artificial intelligence can be used for:
- Automated data entry
- Better contract visibility
- Data analysis and recommendations
- Risk Identification
- And more
Did you know that contract artificial intelligence can analyze your contracts for you? Imagine receiving an automated alert letting you know that 30% of the contracts in your contract management system are considered high risk? Do you know how long it would have taken you to analyze all of them yourself?
Artificial Intelligence for contract management purposes is designed to help you do more than enter contract data into your system. Contract evaluation and risk identification could be the factor you’ve been missing when trying to achieve better results.
Accelerate Contract Results With Collaboration
One of the fastest ways to get results is by streamlining source-to-signature with negotiations and signed agreements. Document collaboration and e-signatures can be completed in minutes with the right technology and with audit logs to review for future strategy adjustments. Winning RFXs and effectively preparing bids are other factors that should be considered when determining your team’s strategy. Consider consolidating all processes into one central contract repository for a better process. This will be useful when trying to evaluate the past to help determine the future.
Lastly, choose to conduct document exchanges, negotiations, and agreements from within your contract management system. Collecting and responding to RFPs, dealing with vendor registration, and other time-consuming procurement tasks may be absorbing more time than they should be with the amount of technology advancements available. Choose to make your process as easy as possible so you can focus on strategy and results. You'll find yourself closing more deals and providing faster service.
Plan for Contract Management Success
Whether you’re new to contract management or are perfecting your current contract lifecycle process, a new strategy focused on achieving better results should be your intention for the new year. Determine whether you need a better process. CobbleStone Support is always available to help you with planning for contract management success. When planning how to execute contract management in the new year, think less about the process and more about the outcome. Ensure you have an enterprise contract management system in place, so you can begin focusing on stronger, smarter contract strategies.