Ultimate Top 5: The 2022 Contract Management Trends Every Business Needs To Know
Gone are the days when contract management used to be a behind-the-scenes manual task that didn’t get much attention. The post-pandemic world has shifted the value of digital contract management from a back-office conversation to a competitive advantage. Organizations and legal teams now are very well aware that contract management has a ripple effect that reaches a business’s bottom line.
According to the International Association for Contract & Commercial Management (IACCM), 80% of B2B deals are governed by contracts.
While contract management software has typically been linked with the legal department, it is increasingly used by all departments within an organization to offer more transparency. However, the adoption of CLM varies widely from industry to industry.
As per ‘Levvel Research’, In some industries, over 50% of organizations have automated sharing, authoring, and storage; in others, less than 10% have done so.
Undoubtedly, from handshake to wet signature to e-signature, sealing a deal has certainly evolved. Here are some trends of contract management to look out for in 2022 and beyond.
- Automated clause analysis to flag deviations
- Improved visibility into contract compliance
- Automated contract review and negotiations
- The increasing prominence of AI in contract analytics
- Smarter contract audit trails and activity logs
Are you ready for 2022?
Digitization, and especially automation, is driving technology forward. Implementing CLM automation can not only improve regulatory compliance but also hold involved parties accountable to adhering to contracts, which can, in turn, boost organizations’ profitability and strengthen their business relationships. Stay ahead of the trend and keep better track of contracts while staying compliant.
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