Organizations are treading through unknown terrain as businesses have gone on the defensive. They are focused on cutting costs, conserving resources, and reducing debt. The situation has made the Chief Financial Officer (CFO) responsible for steering the company out of this imbalance. The onus is always on the finance head to optimize a company’s financial health.
The revolutionary choice that most enterprises face today is to either stay digitally agile or become obsolete. As per a Harvard Business Review Analytic Services paper, the CFO’s changing role beyond traditional finance requires technical support. To streamline finance functions, the need of the hour is to create agile financial planning and analysis (FP&A) capabilities. Contract management software will aid CFOs in this quest.
The right digital tools – from analytics to AI – will allow a CFO to make data-driven decisions. They will automate workflows to set the best economic practices. The focus will be on high-value tasks like plugging revenue leaks and tracking renewal dates. This will result in effective risk management.
Companies need to actively keep in touch with commercial contract terms and different versions of contracts to drive insightful decisions. CFOs need to take part in the contracting process and gauge risks. CFOs need to digitize the company’s functions by adopting contract lifecycle management; otherwise, they will get left behind.
Enterprises need to adopt a user-friendly contract management tool that uses artificial intelligence for contract creation and manages contract data.
Download our latest whitepaper and look at the contract management solutions being adopted by CFOs. These technologies promise to facilitate organizational efficiency and supercharge finance function. This paper will examine the contract management process in enterprises. It will also discuss –
- How will contract management systems help CFOs focus on rebuilding revenue?
- How CFOs gain value by switching to and advanced analytics supported CLM?
- How does Ultria CLM offer an advantage?
- How does an ROI driven solution benefit the company’s contracting needs and objectives?