Contracts are the most commonly heard word in the world of business. No matter how big or small your company is, you must have encountered contracts at some point. It is the basic need for any two businesses or partners to collaborate and work in mutual consent. In addition, contracts are very crucial for a company to maintain harmony with their partners or vendors in times of trouble or misunderstanding. Every contract has multiple clauses defining actions and protocols to be followed during the contract period. In case of any breach, these contracts act as guiding light to the businesses.
Now, you know how vital these contracts are for any business. When talking about businesses, they work with multiple vendors, partners, and businesses simultaneously. This means they have several contracts at a time to take care. Managing such important documents is one of the most vital tasks. Usually, there is a dedicated department to handle these documents, but with such big numbers of documents, there is always a risk of missing deadlines and compliance failure.
Fortunately, technology comes in handy here by offering contract management solutions where AI helps manage contracts. If you look at the numbers, The Journal of Contract Management estimates that 71% of businesses can’t locate at least 10% of their contracts. These missing contracts cost huge money and risk to businesses. Therefore, businesses are relying more on CLM to manage these crucial documents, rather than manually.
Let’s dive in deeper to know what is contract management;
Read more at https://www.knovos.com/abc-of-contract-management/
