Several in-house innovators are converging on a set of best practices.
In Competition based on better commercial contract terms (211), I reviewed the current norms surrounding commercial contracting and postulated that the growing transparency regarding what is market for a particular term would cause the market for contracts to evolve from its current souk-like state to something that more closely resembles a modern e-commerce marketplace. Since that post came out in December 2020, numerous companies have been employing AI tools such as TermScout. and crowd-sourced data such as Bonterms, to make their contracting practices more data-driven.
Continue Reading The emergence of data-driven contracting: notes from the field (292)