CONTRACT MANAGEMENT were accelerated . Customers and suppliers raced to seek variations to terms , understand the status of performance , to identify obligations , rights , and the implications of contract change and amendment .
“ There was an increased focus on the application of artificial intelligence ( AI ) such as Large Language Models to provide more consistency of service and better risk management ,” says Bromley-Griffiths , “ especially when it came to managing the increase in paperwork and document drafting .”
A recent study by Globality revealed that 90 % of procurement leaders are currently in the process of transforming their operating models , with 87 % focusing on building data teams that gain more predictive insights and deploy new technologies to better meet the challenges of today ’ s volatile business world .
More recently , Schrems II required businesses to carry out risk assessments before transferring data from the EU and EEA to countries that aren ’ t deemed adequate , complying with new international data transfer regulations . Bromley-Griffiths says : “ Since then , companies have had to put a whole range of new processes in place to comply with export jurisdictions , execute transfer impact assessments , and establish new cross-border data flows .
“ In fact , many will have had to remediate hundreds , if not thousands , of existing contracts to include the updated standard contractual clauses ( SCCs ).”
She continues : “ As a result , organisations need to be far more proactive , anticipating change rather than responding to it ; ‘ doubling down ’ on extracting value from their current resources and better managing their costs ; and constantly reviewing their means of working . However , this requires a far more comprehensive and flexible RevOps model .”
“ Moving forwards , companies should address these challenges head-on by regularly reviewing their internal operations and having clear measures in place ”
CHARLIE BROMLEY-GRIFFITHS CORPORATE COUNSEL , CONGA procurementmag . com 65