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I was recently introduced to an insightful article by a friend who knew it would resonate with me. The article, authored by Michael Wood, a seasoned contract management expert and founder of Calrisk, discusses how disruptive technologies are transforming contract management and negotiation processes.
In his article, Wood explores four key areas where technology is having a significant impact on contract management:
- Natural Language Processing (NLP) for smarter contract analysis. Platforms that can decipher, analyze, and organize complex legal language, enabling contract managers to make informed decisions more efficiently and effectively.
- Predictive analytics for strategic decision-making. Advanced algorithms and machine learning techniques that analyze past contract outcomes and patterns, ultimately improving negotiation strategies.
- Virtual Reality (VR) and Augmented Reality (AR) in contract negotiations. Applications enable contract managers to create immersive virtual environments, simplifying the visualization and comprehension of complex details during negotiations.
- Smart contracts and blockchain technology for decentralized power. Transformative technologies that can automate contract management processes and increase efficiency.
Wood’s extensive expertise, gained from working for notable global organizations such as Xerox, Chubb Insurance, Deloitte Consulting, and Tata Consultancy Services (TCS), makes his insights invaluable for anyone involved in contract management or negotiation. He has also taken the time to cultivate his passion for IT services contracting through Calrisk LLC. Wood organized Calrisk in 2019 to help small and medium-sized businesses implement IT modernization projects.
Do take a moment to read Michael Wood’s friendly and engaging article, “The Curve 002,” available here. I also encourage you to follow him on LinkedIn here LinkedIn for more thought-provoking content. As we embrace these technological advancements, staying informed and learning from industry experts like Wood can help businesses stay ahead of the curve and achieve greater success.