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Webinar Overview
Most procure-to-pay (P2P) / source-to-pay (S2P) application suites have built-in contract lifecycle management (CLM) capabilities. But can they match the power of AI-driven CLMs? Watch this webinar to hear what experts say on this topic and how AI for contracts can help drive higher ROI from procurement suites.
Watch on-demand below.
Comparing Procurement Suites vs. Pure-Play CLM for Enterprise
Speakers
Pierre Mitchell
Chief Research Officer, Spend Matters
Toby Yu
Managing Director, KPMG
Rajeev Kumar
Chief Revenue Officer, Sirion
The Highlights
While buy-side suites have been a popular CLM option for procurement teams, this webinar taught us that organizations need to evaluate these platforms more closely than ever before if they want to maximize the value of their contracts.
So, can the buy-side suites match the new generation of specialized, AI-powered ‘smarter contracting’ CLM applications, especially as GenAI steps in?
Here are a few key reasons we learned why AI-powered CLM is considered superior:
1. Enhanced Contract Intelligence
AI-powered CLMs have a deeper level of contract intelligence, enabling businesses to extract and use rich information from contracts beyond basic data. This includes understanding complex relationships, obligations, and performance metrics critical for effectively managing modern business contracts. The AI in these systems can analyze contract terms, conditions, and clauses to provide actionable insights, significantly improving decision-making and risk management.
2. Improved Efficiency and Automation
CLM applications automate the end-to-end contract management process, from pre-negotiation and negotiation to post-negotiation compliance and renewal. AI capabilities help automatically extract key contract terms, making reviewing and managing contracts easier. This automation extends to drafting contracts using predefined templates, clause libraries, and guided contracting, drastically reducing the cycle time and manual effort required.
3. Better Risk Management and Compliance
AI helps automate risk assessment and monitoring by automatically identifying contract deviations, potential risks, and compliance issues. It does this by comparing contract terms against internal standards and regulatory requirements.
4. Cross-functional Collaboration and Integration
Unlike P2P/S2P suites that often operate in silos, AI-powered CLM solutions encourage cross-functional collaboration between legal, procurement, finance, and sales teams. They provide a unified platform that integrates seamlessly with other business systems to ensure that contract data is accessible and actionable across the organization.
AI CLM Takes The Prize
As businesses continue to navigate the complexities of digital contracting, the move towards specialized, AI-powered CLM applications represents a significant leap forward. By embracing these technologies and integrating them throughout the entire organization, businesses can not only improve their contract management processes and position themselves for greater agility and competitiveness.
The future of contract management lies in companies’ ability to adapt to and embrace AI. This transition promises to enhance efficiency and accuracy and redefine the role of contract management in the digital business landscape.
When it comes to contract management, business teams have often historically “set it and forget it” — but a contract can be a vital source of business insight when managed well.
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