Malbek commissioned benchmark study from the World Commerce & Contracting to deliver deep industry insights about AI's evolving role in Contract Lifecycle Management Malbek, today's most cutting-edge, AI-fueled Contract Lifecycle Management (CLM) platform, today announced the availability of its commissioned study from the World Commerce & Contracting (WorldCC) about the barriers and benefits of AI-enabled contracting across organizations. The first annual report found more than a quarter (26%) of an organization's workforce is in some way involved in contract management, and contract-related data in the typical large organization sits in 24 different systems. The combination of multiple touchpoints and systems demonstrates a clear risk for lost time and productivity, while increasing potential for errors. Report findings show the need for AI to help mitigate risk in CLM while also indicating that there is a sense of enthusiasm around the use of technology in contract management. Given the pressures of today's modern workforce working in disparate locations and many companies adopting remote workforce practices, companies turn to AI in CLM because of a growing need for speed and efficiency in virtual, collaborative environments.

Contract life cycle management systems have been around for decades, but the latest generation of AI-enabled tools can help elevate the contracting function. In recent years, organizations that have struggled to understand and manage the entirety of their obligations to customers and suppliers have shown increasing interest in their company's contract life cycle management (CLM). Specifically, organizations seem to be focused on CLM operating models, processes, and enabling technologies to manage these critical obligations. That appetite has increased in the wake of COVID-19, as many companies wrestle with a lack of visibility into their contracts across the enterprise. In the past, some organizations have standardized their processes within certain silos or even implemented CLM technology.