SUPPLY CHAIN
“ 80 % to 90 % of routine contract administration tasks will be fully automated in the next year or so ”
SANTOSH NAIR CHIEF PRODUCT MANAGER , GEP
procurement . They celebrate its ability to automate workflows , streamline processes and enhance both visibility and compliance throughout the contract lifecycle , where procurement is expected to find results .
“ Procurement is increasingly tasked with delivering business value , from contract creation and approvals to surfacing untapped savings , avoiding missed obligations and ensuring compliance through supplier relationships ,” Shannon says .
“ To meet these demands , procurement leaders are turning to contracts as critical resources and leveraging CMS to deliver the speed , performance , and transparency needed in today ’ s business environment .”
Companies need to utilise these programmes to get an advantage , Santosh believes : “ Effective contract management , supported by the right digital solutions , gives procurement teams a lasting edge over their competitors . These solutions enable procurement teams to systematically capture commercial and operational outcomes and connect them to ongoing communication with suppliers across supply chains .”
How AI is shaping CMS As AI continues to reshape all aspects of business practice , it should come as no surprise that the technology is reshaping CMS .
94 September 2024