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A contract management solution initiative in any enterprise starts with automating the contract lifecycle process to bring in some form of governance and control. Automation brings improvements in productivity and visibility.
Though useful, this is not enough to deliver the ideal performance impact. Contracts today are complex — business relationships in new markets, sales and procurement arrangements with outcome-based pricing and penalties, linked value chains with interdependencies between parties, etc. – all requiring the enterprises to have the set of tools to not only get the contract done the right way but more importantly bring the contract to life in day-to-day business transactions.
This ensures compliance, helping an organization realize the full potential of a contract while identifying and mitigating any contractual risk through the lifecycle.
Gartner, Market Guide for Contract Life Cycle Management, Nigel Montgomery & Deborah R Wilson, 16 July 2015
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