Building a roadmap for contract digitalization in the freight and
passenger rail sector
In a recent survey of more than 500 innovation decision-makers, Forrester analysts discovered that companies leading with technology were earning 3.5 times more than their counterparts. These companies were using technology to solve problems that had never been solved before—such as providing the “next best experience” for consumers and customers over the lifetime value of the customer.
Contract management is one of the few remaining areas of the railroad business that remains largely manual and has the most potential to impact business revenue as a result. Will that change anytime soon?
We address this question in-depth in this whitepaper, taking a look at how to address the pain of status quo contract management in the rail sector:
- Difficulty retrieving contract terms since contracts exist in physical, paper-based forms or are lost in SharePoint folders
- Lack of standardization and consistency in contract terms
- Lengthy contract timeline
- Little visibility into contract terms, legal clauses, and contract risks
- thousands of dollars spent creating and executing on simple and complex contracts, creating dependencies on departments like legal and finance
Rail companies should be looking for applications that leverage the power of AI, big data analytics and performance analytics, and cloud storage to accelerate, optimize, and protect contractual business relations.
What this brings about is the establishment of a single source of truth for the entire organization, impacting procurement, sell-side, finance and commercial, legal, and executive teams. Sophisticated security provisions allow for the safe sharing of contract files and data, while proactive post-execution contract obligations management—supported by intuitive dashboards and workflows—enhance business velocity and agility.
Download your copy of the whitepaper today to learn more.
Download your copy here:
Opportunities for digitalization in railroad contract management
CloudMoyo empowers rail and transportation companies to gain greater insights, unlock efficiencies, and improve agility in operations, revenue and asset management as well as critical areas of safety, crew scheduling and maintenance. Combined with deep rail industry expertise, our cloud-based, AI-driven solutions leverage cutting edge technology to reimagine railroad digitization.
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