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Why contract management is critical for successful Transport & Logistics operations
Transport and logistics industry is at the cusp of massive technological disruption. The industry has seen immense growth in the last decade due to the adoption of e-commerce, globalization, and increased disposable income. Increased customer expectations, the rise of automation, and sophisticated technologies have made it necessary for companies to adopt digitization to survive the ever-evolving market forces.
CLM challenges faced by Transport & Logistics enterprises
Transport and Logistics sector largely depends on the traditional, manual contract management process. Abiding by fast-changing global and regional regulations such as C-TPAT, Federal Commission Maritime Ruling, ocean regulatory programs, etc., require real-time visibility into contract agreements, advanced obligations, and compliance tracking and analytical tools to avoid any non-compliance.
Volatile fuel prices that change almost daily and a large volume of 3rd party contracts are challenges that the rudimentary contract management system cannot cope with. Advanced, intuitive AI-powered successful contract management solution ensures all these challenges are met, provide insights into vendor and partner performance, and provide a competitive edge over other key players.
Find out how iContract can help Transport & Logistics enterprises
Zycus’ Artificial Intelligence-powered Contract Management Software for transport & logistics enables organizations to streamline and integrate all contracting processes, reduce risks, and design a better compliance management framework: