12/18/2023 0 Comments Ariba contract lifecycle managementCompanies need to adopt an efficient contract lifecycle management process without any room for ambiguity. The absence of automation again poses the same challenges.īecause of growing customer expectations, disrupted supply chains, and volatile market requirements, there’s a dire need for change in the contract management scenario. More often than not, digitalization is limited to the usage of Microsoft Word. The uncontrolled revisions, outdated templates, and inconsistent language create risk exposure for the organization. Many organizations haven’t automated their contract management approach and are still using paper-based methods. Changing business dynamics in the period of Covid-19 have accentuated the risk of contract failure, and contracts continue to underperform due to unclear and inconsistent legal language.Ĭontracts form the core of every business relationship hence directly impact the revenue and spend of an organization. Gartner based this evaluation on completeness of vision and ability to execute. Force Majeure has been one of the most negotiated terms in this pandemic. This is Gartner’s first Magic Quadrant on contract life cycle management, which refers to applications used for managing contracts from initiation through ongoing management and eventual renewal or termination.
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