""One of the things that I've come to learn in my career is that managing your vendor, your supplier, your subcontractor contracts is incredibly critical for the business," Navin said. "That's a huge amount of spend. Being able to track them - when they expire, when you need to have renewal discussions, or just the fact that you have them - is instrumental."
""When you're just starting out, the typical motion is let's take our contracts, dump them into a tool, and have the vendor's AI analyze them," he said. "That's really easy to do. But it can become too much." Instead, start with your priorities. What do you actually need to know to support your business? Renewal dates? Payment terms? Auto-renew clauses? Navin recommends building a shortlist of must-have data points first."
Vendor contracts often sit unused yet contain data about operations, spending, and scaling. Managing vendor, supplier, and subcontractor contracts reveals significant areas of spend and supports timely renewal and negotiation processes. Static contract repositories should be transformed into living data that informs operational decisions. AI can accelerate data extraction from contracts but requires a clear, prioritized purpose to avoid overwhelming teams with irrelevant output. Begin by defining business priorities and a concise checklist of must-have data points such as renewal dates, payment terms, and auto-renew clauses to generate actionable insights.
Read at Above the Law
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