August 10 by Eric Dreshfield
There’s a song by Tim McGraw, My Next Thirty Years, that each time I hear it, I start to ponder life just a little more. What have I accomplished? Whose lives have I impacted? And more importantly, what more can I do going forward that will make the world a better place? As a human, it’s our nature to gravitate towards the past, to almost constantly compare our lives and accomplishments to those of others. As a professional working in the technology field (or most any other field) we also tend to measure our success against the past too. Why is it so difficult for us to look forward? What are we afraid of?
Contract Management Technology is Advancing Rapidly
Back in February, Apttus shared a post about the Top 3 Trends in Legal Tech for 2018. Discussions in that post included alternative legal service providers and the blurring of lines between legal and non-legal work, as well as the need for more diversity in the industry, and the growth of Artificial Intelligence (AI).
Now that the end of 2018 is nearing, I see a fourth trend emerging that’s likely to be bigger than the previous three combined: a trend towards aligning technology with people and the roles those people play. I see this in many areas, but where I think the biggest impact lies is in contract management. Technology seems to be advancing at an ever-increasing pace, and although some try to argue that AI will replace humans, the trend I’m seeing is that AI is enabling humans to better manage data, make decisions more quickly and minimize corporate risk in B2B transactions.
To put this in a perspective that B2B enterprises can more easily understand, Ari Kaplan, Principal, Ari Kaplan Advisors, says, “Those who proactively plan for a disruption to their agreement protocols will more effectively position themselves for greater commercial success. This effort could both provide a competitive advantage and streamline the change management process.” Kaplan continues, “…future of contracts will yield material improvements in communication, a broad expansion of interdisciplinary collaboration, and a holistic optimization of technological resources.”
What is the Future of Contracts?
Because of advancing technology, organizations have been able to place more emphasis process improvement, which results in gaining efficiencies through tightly integrated applications all on a single data model. As Lauryn K. Haake, Managing Director, HBR Consulting put it, “To truly be a high performing company, it will not be sufficient to maintain a CLM system and a singular CLM process. Rather, companies will look to the creation, deployment, adoption and measurement of a CLM program to reach the next level of success.”