Overall, technology is improving the way we work. When it comes to managing contracts theseimprovements – mostly automation related – have a positive impact on business results, supplier management as wellas on customer and employee satisfaction. Technologies like artificialintelligence (AI), robotics and blockchain can improve contract management issues like compliance, data management, invoice settlement and contract analysis.[Read more…] about Contract management 2.0: why technological applications boost outsourcing results
The technology driven changes in work environment and social translucence will implicate contractual relations, causing a upheaval in the concept of doing business and maintaining partnerships. Co-creation is key. The advantages of co-creation will only evolve out of perceived loyalty, because this will lead to engagement and an increase of productivity. More and more effective leadership will be defined by the degree of compassion, trust, respect, fairness, empathy and objectivity that organisations radiate. Whether it involves employees, partnerships or suppliers, the psychological contract is an important building block within any ecosystem.
We’re all familiar with ecosystems in the natural world: organisms interacting with each other and their particular environment consisting out of air, water, mineral soil, and/or other relevant elements. This doesn’t differ so much from the atmosphere of businesses in current society. Businesses need to join or create ecosystems. In the early phase of this new digital age it seemed to be about business ecosystems, but now it becomes clearer every day that a successful business doesn’t evolve around the business but around the story behind the business. In other words, about the brand. Recently I shared my vision on contract management as a strategy and why brand ecosystems are best build on the foundation of the forces of nature: the psychological contract.
Technological developments, the holy grail of flourishing opportunities and major challenges. Disruptive brands in the consumer market like Uber, Airbnb, Spotify, Apple and Google bring change at lightning speed. Many consumers experience all kinds of changes – barring they consider it to be advantages or not – this reflects on the business world. How is technology changing social interaction? The way we maintain relationships and collaborate is influencing contractual relations and as a result the outcome of contracts. Contract management, especially the psychological contract, is defining the quality of a brand ecosystem.