Professional serives companies work on a large volume of customer-centric and third-party contracts. This makes reviewing them for compliance and necessary clauses a lengthy and tiring process. With constantly evolving regulations and growing customer expectations, organizations in this sector need to be equipped to process contracts quickly and seamlessly while remaining compliant.
Companies need to adopt AI powered, integrated contract management solutions, for elevated and risk-proof contract management experience catering to both customers and third-party vendors and suppliers and to remain competitive in this fast-paced, dynamic environment.
Dealing in and reviewing volumes of third-party contracts using rudimentary contract management solutions is one of the biggest challenges the professional services sector faces today. Without integrated solutions, there is a disconnect between CRM platforms and the contract management platform, which hinders intake of customer contracts and slows contract cycle time. Ensuring third party contracts are compliant to internal and external regulations is another challenge that exposes this sector to legal and reputational risks.
An advanced, integrated CLM solution with AI and Natural Language Processing can ensure risk-free third party contracting, faster contract turn-around, and better customer relationships.
iContract – Enterprise Contract Management Software for Professional Services enables organizations to streamline all contracting processes, reduce third-party contracting risks, and design a better compliance and customer management framework:
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