July 2024 | Michael Osinakachukwu Ezeh, Adindu Donatus Ogbu, Augusta Heavens Ikevuje, & Emmanuel Paul-Emeka George
The paper "Leveraging Technology for Improved Contract Management in the Energy Sector" explores the impact of technological advancements on contract management processes in the energy sector. It emphasizes the importance of digital solutions and automation, particularly Contract Lifecycle Management (CLM) software, artificial intelligence (AI), machine learning (ML), blockchain, and cloud-based platforms. These technologies address the challenges of traditional contract management, such as manual processes, errors, delays, and inefficiencies, by providing centralized repositories, automated workflows, real-time tracking, and advanced analytics. The paper highlights how CLM software streamlines contract management, AI and ML enhance data extraction and risk assessment, blockchain ensures transparency and trust through smart contracts, and cloud-based platforms offer scalability and flexibility. Case studies from Enbridge, TotalEnergies, and BP illustrate the successful implementation of these technologies. Best practices for leveraging technology include strategic planning, staff training, and continuous monitoring. The paper also discusses challenges such as resistance to change, data security, and system integration, and provides recommendations for energy sector stakeholders to effectively adopt and benefit from these technologies. The future of contract management in the energy sector is expected to be shaped by emerging technologies and digital transformation, offering opportunities for enhanced efficiency, compliance, and strategic decision-making.The paper "Leveraging Technology for Improved Contract Management in the Energy Sector" explores the impact of technological advancements on contract management processes in the energy sector. It emphasizes the importance of digital solutions and automation, particularly Contract Lifecycle Management (CLM) software, artificial intelligence (AI), machine learning (ML), blockchain, and cloud-based platforms. These technologies address the challenges of traditional contract management, such as manual processes, errors, delays, and inefficiencies, by providing centralized repositories, automated workflows, real-time tracking, and advanced analytics. The paper highlights how CLM software streamlines contract management, AI and ML enhance data extraction and risk assessment, blockchain ensures transparency and trust through smart contracts, and cloud-based platforms offer scalability and flexibility. Case studies from Enbridge, TotalEnergies, and BP illustrate the successful implementation of these technologies. Best practices for leveraging technology include strategic planning, staff training, and continuous monitoring. The paper also discusses challenges such as resistance to change, data security, and system integration, and provides recommendations for energy sector stakeholders to effectively adopt and benefit from these technologies. The future of contract management in the energy sector is expected to be shaped by emerging technologies and digital transformation, offering opportunities for enhanced efficiency, compliance, and strategic decision-making.