Art of Procurement 704: The Future of Digital Contract Management w/ Paul Bagley and Toby Laforest
“A contract lifecycle management platform drives processes for you. That drives your price down, your risk down, and you get the best of all worlds like procurement wants." - Paul Bagley, Director of Commercial Contracting at Acosta
Historically, procurement viewed contracts as a legal formality, something only to be referred to when things go wrong with a supplier.
This outdated approach leaves a goldmine of untapped value and insight on the table, and it’s time for procurement to have a mindset shift when it comes to the way they use, store, value, and leverage digital contracts.
In this episode, Philip Ideson and Kelly Barner talk with Paul Bagley, Director of Commercial Contracting at Acosta, and Toby Laforest, Director of Product Marketing at Ironclad, about how procurement can leverage the full potential of digital contracts and the technology required to make it happen.
They’ll explain:
- Why digital contacts are strategic assets that can provide bottom-line value to the business
- Why most procurement teams are currently not taking advantage of AI and contract lifecycle management platforms to extract value from their contracts (and what that mistake is costing them)
- The myriad benefits procurement - and the business - will see when they normalize contract discussions and regularly refer to contract-based insights with suppliers and stakeholders
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