AI-Powered Contract Management
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achieve stated commitments to fair labour standards and reduced environmental impact . Getting it wrong risks reputational damage and may lead to investor or insurance withdrawal , as well as a fall in consumer confidence .”
Ensuring regulatory compliance with advanced technology In a busy procurement department , ensuring ongoing compliance throughout a supplier relationship can be a challenge when managing large volumes of commercial agreements “ However , the manual processing of contracts can mean critical compliance clauses are missed in negotiations , and that the obligations agreed to are not properly tracked , managed , or enforced ,” explains Bulacan .
Bulacan says this is why digitalisation is the solution .
She explains : “ By digitalising the contracting process , procurement can gain a comprehensive paper trail in the event of regulatory agency enforcement or action , by capturing a company ’ s ongoing efforts to comply with regulations and standards . She adds that emerging technologies such
98 September 2023