Transport and Logistics (T&L) sector is growing rapidly due to globalization, growing popularity of e-commerce and technological advancements. It’s also witnessing a rise in environmental regulations and constant update and changes to federal, state and international compliance laws. This has increased the complexity of T&L contracts and companies are facing increased risk of non-compliance and violation of these regulations. All these changes coupled with a large percentage of third-party contracts has made manual contract management time-consuming, tedious and difficult with an added risk of manual errors and omissions.
Here’s when automated, integrated contract management solutions come to the rescue. Advanced Artificial Intelligence powered contract lifecycle management (CLM) streamlines contracting, automates workflows and gives a centralized view of all contracts at anytime and from any device. CLM simplifies each stage of contract lifecycle and assists with authoring, reviews, negotiations and even post-award monitoring of contracts through pre-configured processes like standardized templates, smart clause library, third-party parsing, triggers, alerts and milestones, predictions and reports etc. All these processes fast track contracts, improve contract performance and contract compliance and enable T&L companies to get the most out of their contracts.