Organizations across the world, depending on their nature of business will have contracts located across repositories and possibly in multiple languages. Unless the contracts are digitized and brought into a central repository there is no way one can know what is inside these contracts and if there are any potential risks with any of these contracts. Traditional contract management processes fail in terms of speed, time and resources required to get to the bottom of each executed contract.
Let us understand a use case
As a practical use case let us take an example of an organization that is into the manufacturing of several spare parts of Automobiles and the organization has manufacturing facilities across the world spread across several countries. Obviously, such an organization will have to deal with multiple raw material vendors across the world and the organization must enter into agreements for the supply of raw material with each of these vendors. Let’s also assume that there is a central procurement department for this organization that are handling vendors through their country-specific procurement teams with each country making their own agreements with the country/region-specific vendors.
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