The Post-Pandemic Effect: The Growth of Contract Management Software Systems
The world that we had known before has changed dramatically with the advent of COVID-19. From business practices to personal communications, the world saw a milestone transformation like never before. When it comes to managing contracts, businesses, especially, small and medium scale, followed an unorganized process. Using the manual method in this digitally-enhanced era had its shortcomings, which were majorly ignored by corporations. Although contract management software offered an agile solution in monitoring and managing contracts, companies across different industries chose to dawdle and dwindle. This contributed to an estimated 60 - 70% of small and medium scale businesses to face losses and backlogs, mainly due to the pandemic-related lockdown. Thankfully, many organizations discovered the benefits and robustness of AI-powered systems once the pandemic struck and caused a mass delay in every industry. From manufacturing to healthcare, from IT to media, the pandemic ca...