Contract Management
The year 2022 has arrived, bringing with it new contract management trends. Contract management has risen dramatically from what it used to be, owing to rapid firm growth fueled by modern technological advancement.

Today most businesses can use a cloud-based contract management solution to simplify contract procedures and manage them more efficiently. Even if you have an effective contract lifecycle management solution, you need to know the following 5 trends for contact management in 2023. Here you can learn more about the contract lifecycle management process.

1. The increasing role of AI in contract analytics

In most organizations, contracts are signed and then stored in Gmail, Drive, or a specialized contract archive until they need to be rechecked in rare cases. In such instances, crucial milestones are frequently missed, resulting in income leakage or damaged vendor relationships. It emphasizes the importance of intelligent contract analytics and visual dashboards that give fast and actionable information. According to reports, organizations can save 60% on contract management expenditures by utilizing intelligent contract analytics.

2. Automated clause analysis

Post-contract management needs better written contractual provisions. It's a crucial role that has both operational and financial ramifications. Therefore, it needs to be closely monitored. To eliminate contract and compliance concerns, standardize clauses throughout corporate contracts from requests to renewals for quick and easy contract management. Automated clause analysis is required to speed up contract signature and enable a smooth transition from the pre-contract to the post-contract stage while being compliant. A tool that can recognize and extract essential clauses and phrases from your contracts is required. AI will undoubtedly spread its roots and wings in 2022 and beyond, significantly extracting and automating clause analysis.

3. Security and Data Privacy will be at the Forefront

Some people are cautious about using contract management software unless it meets a high level of security. Data privacy is essential for staying on the right side of the law and adhering to current regulations. In this age of the pandemic, it is critical for organizations to have data protection in place, given the current trend of digitalization and the movement of paperwork online. As the year progresses, organizations should prioritize preventing data breaches and ensuring compliance with evolving legislation.

4. E Signatures

Manually or in person, obtaining signatures can be extremely challenging, especially when personnel with signing authority are unavailable. Although signing is the most crucial aspect of contract administration, manual signing processes are outmoded and slow, preventing internal and external parties from having a simplified experience.

In 2022, electronic signatures will be required for proper contract management. An eSignature is a digital representation of a signature that allows stakeholders to sign a document online without having to have a physical copy on hand.

5. Increased Adoption of Automated Contract Review Tools

The way legal services are delivered is changing. Automation solutions are addressing errors that have plagued organizations for decades. Legal departments are turning to automated contract review tools to develop a robust contract infrastructure and ensure a smooth transition into new market shifts as manual processes fade away.