Contract management has been around for years; as I’ve written before, most systems are document based. The future- and the bleeding edge- is data-based.
Because contracts are becoming more and more operational. Global trade has expanded the complexity and variability of these contracts to the point where they can no longer be filed away. The terms, obligations and risks can impact the supply chain, talent management, currency hedging and vendor risk management to name a few. As a result, contracts are living, breathing data attributes that need to be shared, measured and monitored in real-time.
As a provider of contract management across the globe, we’ve seen virtually every use case, but the ones that are driving companies to new heights are those that treat contracts as operational assets.
Hedge funds managing counterparty risk. Global capital markets firms managing complex trading agreements. Global insurers managing the underwriting process- all using Exari to streamline the process but more importantly to operationalize their contracts as a cornerstone of their most important business process.
So what’s this all about? It’s about making companies more competitive. Going to market faster. Driving consistency. Capturing missed revenue opportunities. Reducing risk. Creating new business lines, and capturing market share.
It’s a fact- if you can operationalize your contract assets, you become more efficient, more competitive and smarter than those around you.
In short- you win.
Bill Hewitt is Exari’s CEO. Reach out in the comments or @billhewittCEO.