AI and Procurement Contract Management

Team TheCodeWork

12 June 2024 2 minutes read

TheCodeWork team conducted a survey with 50 to 100 Chief Procurement Officers (CPOs) from EMEA and North America regarding Procurement Contract Management, to uncover their challenges and the innovative solutions being adopted.

The findings revealed a growing acceptance of automation and other technologies in the procurement process.

Key insights included:

Future Outlook

We foresee AI being integrated with blockchain networks to further enhance contract management value. TheCodeWork is exploring applications of this technology with select clients, utilizing smart contracts within consortium blockchains. These applications aim to ensure contract compliance, ethical and secure sourcing, and transparent, agile supply chains.

To learn more about enterprise contract management and its impact on sourcing and procurement, contact TheCodeWork today.


Team TheCodeWork

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