What I know from dating is that some people, rather than trying to make it work, need to admit it doesn’t, and break up. So too is the case with contract management tools deriving enterprise data from contracts. Why?
Today companies’ offerings encompass a much greater variety of products, solutions, and information than ever before. No longer does any one company sell or produce just one thing, and no commercial relationship is exactly like another. Today’s commercial relationships by their nature are complex. And here’s the rub, most complex commercial relationships are usually the most valuable to an enterprise. It’s just a matter of capturing and uncovering the right data so a company can have a full view of a customer or vendor relationship.
Businesses continue to struggle to find ways to capture, keep, and manage enterprise data that will help them get a solid handle on everything from renewals to finding upsell and cross sell opportunities to pinpointing compliance risks. Perhaps the reason is that they are far too reliant on traditional contract management tools that are not equipped to deal with the many complexities that exist within commercial relationships.
I think a full-on, teary “It’s not you, it’s me” is in order.