Source: Thomas Reuters

Managing contracts is one of the most critical aspects of supply chain management, but the traditional, manual processes involved in creating, approving, and tracking contracts are often slow and prone to errors. Legal tech is helping GCs streamline this process by automating contract management, allowing them to efficiently handle vast numbers of supplier agreements. This reduces delays, minimizes risks, and improves collaboration between GCs and supply chain teams by providing real-time updates on contract status and ensuring faster approvals.

Another crucial area where legal tech is making an impact is compliance. The regulatory landscape for supply chains is increasingly complex, spanning labor laws, environmental regulations, and international trade rules. Legal tech tools help GCs stay on top of these requirements by offering automated compliance tracking and auditing capabilities. This proactive oversight enables legal teams to flag potential risks early and ensure the supply chain remains fully compliant with all regulations, reducing the likelihood of costly violations and legal disputes.

Supply chain disruptions—whether caused by political events, environmental factors, or logistical challenges—can have a significant impact on a company’s operations. Legal tech enhances crisis management by offering real-time data, predictive analytics, and automated workflows that allow GCs and supply chain teams to respond more effectively. With these tools, companies can anticipate potential risks, develop contingency plans, and navigate crises with greater ease, minimising the impact on business operations and mitigating legal fallout.

Read More: Thomas Reuters