Contract Lifecycle Management as a Catalyst for Digitalization in the European Union

As the European Union has set determined digitalization policy targets, the European Commission’s digital strategy aims to empower people, businesses, and public administration with new generation of technology. In view of the above agenda, this chapter examines Contract Lifecycle Manage-ment artificial intelligence solutions and software systems as a form of the aforesaid new generation of technology in the context of business contracts. Further, this chapter explores its potential role in the strategy implementation and progress of digitalization. Could enhanced utilization of Contract Lifecycle Management approach catalyst digitalization in the European Union? While organizations in both private and public sectors are in different phases in their digital transformation journey, they are facing challenges to make it succeed. Where a resolution has been the replacement of “old-fashioned” human-centered systems with digitalization-focused solutions as they may be considered more objective, more scalable and more trustworthy, at the same time many humans are not only pleased about this development but also increasingly worried about the consequences this evolution may entail. In addition to reviewing Contract Lifecycle Management as digital systems and artificial intelligence-based solutions controlling all contracts-related data during the entire contract lifecycle, it is viewed as the intra-and inter-organization function managing contracts, and supporting(human) contract parties to enhance their con-tractual relationships. As the European Commission desires this decade to become Europe’s “Digital Decade,” this chapter concludes how Contract Lifecycle Management could help to achieve this goal for Europe. In addition, this chapter proposes several avenues for future research.