The Evolution Of Contract Management – From Repository To AI

Contract management has gotten on the radar in recent years. The world's contract managers finally gained attention in 2016 when Oliver Hart and Bengt Holmström were awarded the Nobel Prize for Economic Science. Their work on contract theory not only proves how contracts help us deal with conflicting interests, but also shows the importance of contract management. While contract automation is not new, 63% of procurement organizations from The Hackett Group's 2017 Digital Transformation Study are either exploring or piloting technology to advance the digitalization of contract management. As organizations look to become more digital, contract management is becoming more pervasive and sought after.