In today’s episode, James Meads, Managing Partner at James Meads Consulting and podcast host, shares the gaps in contract management that procurement faces and how to bridge them. James introduces the unique challenges that procurement encounters when it comes to contracts. From third-party paper to the lack of Procurement involvement in Procurement activities, James describes the four major challenges that Procurement teams face when managing contracts. Focusing on the issue of third-party paper, he explains how procurement is at a loss without a way to confidently review a contract. James then shares how things like a strong CLM solution and AI functionality can help solve these challenges. Wrapping up with his take on the future, he describes how Procurement is evolving (and why companies need to pay more attention to their Procurement teams!). So, grab a glass of wine, and let's talk contracts!