Contracts and associated documents are critical to every part of your source-to-pay or procurement organization. But the process of managing them grows exponentially each year. According to Gartner, the volume of new data is set to increase at more than 40% each year, doubling every two years, with around 90% of that new data being unstructured.
Companies are grappling with an ever-increasing amount of unstructured contract data. This includes build-up from acquisitions, document management solutions, digital archiving and authoring by multiple users across the enterprise. That’s why organizations are increasingly turning to Contract Lifecycle Management (CLM). CLM empowers users to leverage those contracts to make informed decisions and stay competitive. Businesses need contract management to gain visibility into and value from contracts, establishing which data is of high value and implement a plan to manage and leverage the information extracted. Today’s highly regulated business world demands agility and proactivity. Contract governance process provides total control over every aspect of contracting, turning data into insights.