Traditionally, procurement focused on acquiring products and services for the best price. But today’s procurement teams are expected to do more than control expenses. Organizations expect procurement to be a strategic value driver, delivering business insights to executives that result in better decisions. As such, managing legal and regulatory exposure, ensuring proper risk management and governance, and providing valuable intelligence to key stakeholders and business sponsors are the purview of modern procurement. However, 53% of organizations lack the systems needed to easily find and manage agreements. 

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