Traditional contract management technology originated in the early 1990s when organizations primarily purchased goods and the internet browser was just getting invented. In the past 20 years, Fortune 500 procurement portfolio has undergone a significant change with services emerging ahead of goods and commodities as the predominant spend category and contracts becoming more complex and dynamic.
However, traditional contract management technology has been slow to evolve from its roots of acting as a central repository and has failed to meet the demands of today’s procurement mix. Companies have not seen the desired impact on their contractual relationships despite investing millions of dollars and implementation years.
Modern procurement buyers need unified, intelligent, and smart contract management technologies that help identify financial leakages during contract performance while driving enforcement and control.
Watch this on-demand webinar to learn more.
Key phases in the evolution of contract management technology
Strengths and gaps in traditional contract management technology
How to identify the right contract management system for your organization’s needs
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