“ IT ’ S VITAL LEADERS ENSURE END-TO-END SECURITY ACROSS THE PROCUREMENT PROCESS ”
AMEN REGHIMI PRODUCT MANAGEMENT VP , JAGGAER
“ How effectively an organisation manages its contracts ultimately determines the effectiveness of their procurement strategy , risk management and revenue performance ,” says Reghimi .
Digital advancements in contract management Manually managing a high volume of contracts is costly and time consuming , and can lead to errors , missed opportunities for savings , and substantial revenue loss .
But , says Reghimi , “ AI is changing this , and helping organisations reclaim value .”
By automating demanding manual processes , procurement can help teams focus on key priorities . AI and machinelearning capabilities can now go beyond basic templating , and generate entire contracts . It can even integrate specific clauses based on supplier profiles , as well as details from the request for proposal ( RFP ).
“ Smart approval-routing that identifies where team members need to sign-off , and which team members need to do this , significantly streamline the approval and renewal process ,” says Reghimi .
With advanced CLM solutions , organisations can use spend analysis platforms to monitor a contract ’ s value over time , detect maverick spend and identify
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