“ COMPANIES CAN HAVE UP TO 40,000 ACTIVE CONTRACTS AT A TIME , MEANING THOUSANDS OF DIFFERENT BUYER- SUPPLIER RELATIONSHIPS , RATES AND RISKS ”
AMEN REGHIMI PRODUCT MANAGEMENT VP , JAGGAER
similar products , with a view to offering on-contract replacements .
“ AI ’ s ability to quickly digest data , pick up on certain phrases within a contract and offer recommendations to edit certain terms and conditions are helping organisations proactively mitigate risk ,” Rehhimi says .
He adds : “ When procurement teams have tools that cut through the administrative work of contract creation , negotiation , reviewing and renewal , they can prioritise managing strategic relationships with suppliers . As AI becomes more powerful , we ’ ll see CLM tools save teams more time and also playing a larger role in procurement strategy .”
With digital advancement comes the risk of cyberthreat While digital advancement offers many positives it is not risk-free , particularly with regard to cybersecurity .
Contract management security can be a blind spot for organisations . “ When it comes to cybersecurity , all data is valuable and every industry is a target ,” warns Reghimi .
He adds : “ It ’ s vital leaders ensure endto-end security across the procurement process . While tools such as AI and predictive analytics can help minimise financial and reputational risk , more digitalisation increases the likelihood of cyber risk .”
AMEN REGHIMI
TITLE : PRODUCT MANAGEMENT VP COMPANY : JAGGAER
Reghimi ’ s role is to define and execute Jaggaer ’ s strategy . His focus is on building intelligent solutions that drive transformation , satisfaction and value for customers . “ I ’ m passionate about solving market problems with technology and turning abstract ideas into reality ,” he says .
For over a decade he has been focused on innovation and procurement . He is also an Advisory
Council Member at The George Washington University School of Business , and a member of Forbes Technology Council and the Global Innovation Institute .
And because procurement teams increasingly have to deal with large amounts of sensitive corporate and supplier data , cyberthreats are becoming more common , and increasingly high-stake . Such as the 2020 SolarWinds breach , when a group of hackers thought to be backed by the Russian government penetrated thousands of organisations globally , including the United
116 March 2022