Contract management continues to be a highly manual process splintered among procurement, legal, finance, and sales teams. This fragmentation makes it difficult—sometimes impossible—to track contractual terms and commitments, ensure compliance, maximize revenue opportunities, and mitigate risks. And these problems are magnified in large enterprises with global operations and supplier relationships, who must adhere to a variety of complex and regionally specific laws and regulations.

Fortunately, new enterprise-wide contract management platforms are available. Bringing together buy-side, sell-side, and corporate contracts and workflows, these cloud-based platforms dramatically improve contract visibility, velocity, and standardization. In doing so, they immediately reduce contractual risks and boost business performance.