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Effective Contract Lifecycle Management Can Enhance Compliance and Reduce Costs, Says Info-Tech Research Group in New Resource

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Info-Tech Research Group has published a new blueprint that breaks down how to improve an organization’s contract lifecycle management (CLM) processes to efficiently and economically streamline operations. The firm’s resource offers a roadmap for centralizing contract documents, establishing robust procedures, and selecting the right CLM tool.

TORONTO, June 14, 2024 /PRNewswire/ – As organizations grapple with the complexities of managing scattered contract documents and inefficient manual processes, they face significant compliance risks and missed opportunities. Advanced contract lifecycle management (CLM) tools can effectively mitigate these issues, but many organizations lack the maturity to fully leverage their benefits. Info-Tech Research Group’s newly released blueprint, Design and Build an Effective Contract Lifecycle Management Process, provides a comprehensive roadmap for centralizing contract documents, establishing robust CLM procedures, and identifying essential tool requirements. This research empowers IT leaders and organizations to enhance operational efficiency, ensure regulatory adherence, and build a streamlined approach tailored to organizational goals and culture.

“Vendors in the CLM space are constantly modifying their features and functionality, and the industry’s players are rapidly changing due to vendors entering, merging, and leaving,” says Phil Bode, principal advisory director at Info-Tech Research Group. “Artificial intelligence is the latest innovation being leveraged by CLM providers, making the systems more sophisticated and easier to use. However, even with artificial intelligence, these systems won’t run entirely by themselves, yet, and CLM still requires human participation, especially for validation.”

Info-Tech’s research shows that organizations are increasingly relying on vendors for non-core functions and services, underscoring the growing importance of effective contracting and CLM processes. However, the lack of maturity in many organizations prevents them from fully benefiting from advanced CLM processes and tools. When contracting CLM processes, these organizations can encounter various challenges, such as disparate systems, a lack of internal coordination, and inefficient processes.

“For the CLM system to be effective, a lot of work must occur before implementation,” explains Donna Glidden, principal advisory director at Info-Tech Research Group. “Additionally, it’s crucial for IT leaders to recognize the limitations of these tools, as they can’t single-handedly resolve all issues. Even the top CLM systems on the market won’t completely fix process and non-compliance issues. Therefore, organizations should view CLMs as an assistant tool rather than a remedy for all problems.”

The firm emphasizes that CLM requires a flexible approach tailored to the organization’s goals, culture, maturity level, scope, and other relevant factors. Organizations need a holistic framework to navigate the various stages of CLM, allowing them to progress at their own pace and according to their needs.

Info-Tech’s blueprint outlines three key factors that organizations should consider when building their CLM process:

Location: Many organizations struggle with contract management due to the absence of a central location for contract storage. The initial step to enhance CLM is to establish a central location where all contract documents are stored and easily accessible.Process: The CLM process is a crucial aspect of a holistic contract management approach. Organizations should document their current process, identify any gaps, and work toward improving deficient areas. This factor involves gathering requirements, performing gap analysis, and ensuring alignment with organizational needs before selecting a CLM tool.System: After establishing the process, it is essential to identify and select the most suitable CLM tool that meets the organization’s specific requirements. Evaluate how well current processes can be automated and streamlined and choose a tool that centralizes agreements and enhances efficiency. Gather input from stakeholders, identify suitable vendors, and implement the chosen system with appropriate training.

The blueprint addresses the technical aspects of implementing a CLM system and emphasizes the strategic importance of human oversight in contract management. By leveraging Info-Tech’s framework, organizations can transform their CLM processes to be more efficient and compliant. This transformation leads to better risk management, streamlined operations, and stronger alignment with business goals. By adopting this approach, IT leaders will be able to navigate contract management with agility and precision.

For exclusive and timely commentary from Phil Bode or Donna Glidden, experts in vendor management, and access to the complete Design and Build an Effective Contract Lifecycle Management Process blueprint, please contact pr@infotech.com.

Info-Tech LIVE 2024

Registration is now open for Info-Tech Research Group’s annual IT conference, Info-Tech LIVE 2024, taking place September 17 to 19, 2024, at the iconic Bellagio in Las Vegas. This premier event offers journalists, podcasters, and media influencers access to exclusive content, the latest IT research and trends, and the opportunity to interview industry experts, analysts, and speakers. To apply for media passes to attend the event or gain access to research and expert insights on trending topics, please contact pr@infotech.com.

About Info-Tech Research Group

Info-Tech Research Group is one of the world’s leading research and advisory firms, proudly serving over 30,000 IT and HR professionals. The company produces unbiased, highly relevant research and provides advisory services to help leaders make strategic, timely, and well-informed decisions. For nearly 30 years, Info-Tech has partnered closely with teams to provide them with everything they need, from actionable tools to analyst guidance, ensuring they deliver measurable results for their organizations.

To learn more about Info-Tech’s divisions, visit McLean & Company for HR research and advisory services and SoftwareReviews for software buying insights.

Media professionals can register for unrestricted access to research across IT, HR, and software and hundreds of industry analysts through the firm’s Media Insiders program. To gain access, contact pr@infotech.com.

For information about Info-Tech Research Group or to access the latest research, visit infotech.com and connect via LinkedIn and X.

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MRO Starts 2025 Strong with Top CEO Award, Major Client Wins, and Record-Breaking Growth

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Latest successes underscore MRO’s legacy and leadership in clinical data exchange, setting the stage for another milestone year.

NORRISTOWN, Pa., Jan. 15, 2025 /PRNewswire/ — MRO Corp. (MRO), the leading clinical data exchange company in healthcare, is pleased to announce its CEO, Jason Brown, was named one of The Top 50 Healthcare Technology CEOs of 2024, following several years of client expansion and growth.

This year’s Top CEO list features individuals whose leadership has been a driving force behind some of the most significant advancements in healthcare. MRO’s Jason Brown is one of those CEOs who has inspired his team to push boundaries, fostering a culture of innovation and transformative breakthroughs. This year’s awardees were selected through a methodical nomination process and careful consideration of each candidate’s career track record and industry contributions.

Over the last three years since Jason became CEO of MRO, the organization has experienced remarkable organic growth and innovation.   

“Technological innovation has been pivotal in driving our impressive results and our growth trajectory,” said Jason Brown. “MRO is undergoing a digital transformation, and as part of that transformation, we are enhancing every facet of our business to better serve our clients. This strategic utilization of technology combined with our world class services has enabled us to support our clients’ goals of exchanging secure, high quality, low latency clinical data at scale.” 

MRO is also pleased to announce a record number of new client partnerships. These include one of the nation’s largest Catholic health systems and a provider-sponsored health plan, backed by a top five US research hospital, according to Statista’s World’s Best Hospitals 2024.

Just as the organization has for the last 23 years, MRO continues to support hospitals and health systems in protecting revenues and simplifying the exchange of information with patients and third-party requesters to reduce risk, increase compliance, and introduce new efficiencies. Additionally, MRO has expanded its solutions portfolio.

MRO successfully launched three new solutions in 2023 and 2024. These innovative solutions unlock new market opportunities for MRO while also deepening relationships with existing clients and further solidifying the organization’s position in the healthcare technology industry overall.

Today, MRO partners with 1,200 hospitals, 35,000 clinics, 78 Accountable Care Organizations and works with the top 50 payers in the US. These partnerships are vital as MRO continues to accelerate clinical data exchange between providers, payers and patients.

“We’re continuing to push boundaries in how clinical data is exchanged, setting the foundation for long-term partnerships that improve outcomes across healthcare,” said Matt Wildman, Chief Commercial Officer.

About MRO
MRO is accelerating the exchange of clinical data throughout the healthcare ecosystem on behalf of providers, payers, and users of clinical data. By utilizing industry-leading solutions and incorporating the latest technology, MRO facilitates the efficient management and exchange of clinical data for all stakeholders. With a 23-year legacy, MRO brings a technology-driven mindset built upon a client-first service foundation and a relentless focus on client excellence. For more information on how MRO is empowering healthcare organizations of every type and scale with proven, enterprise-wide clinical data solutions, visit www.mrocorp.com.

Press contact information:
Stephanie Kindlick
MRO
(610) 994-7500, ext. 1353
skindlick@mrocorp.com

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Happiest Minds collaborates with Coca-Cola Beverages Vietnam to deploy an innovative GenAI conversational interface

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BENGALURU, India and SAN JOSE, Calif. and LONDON, Jan. 15, 2025 /PRNewswire/ — Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a ‘Born Digital. Born Agile’, Mindful IT Company, today announced the new association with Coca-Cola Beverages Vietnam, creating a series of GenAI solutions through their Generative AI Business Services (GBS).

In a consultative approach, Happiest Minds collaborated closely with the strategic team at Coca-Cola Beverages Vietnam during a discovery phase. This phase aimed to comprehensively understand the business requirements and explore how GenAI could effectively support them in achieving their goals.

Coca-Cola Beverages Vietnam presented two business cases necessitating technology transformation to enhance organizational productivity and operational efficiency.

Augmenting HR Efficiency: The policy information across different business functions at Coca-Cola Beverages Vietnam was scattered across multiple documents, causing inefficiencies for employees searching for relevant information. This fragmentation impeded productivity and hindered effective decision-making processes within the organization.Monitoring Cooler Productivity: Sales reps and asset managers at Coca-Cola Beverages Vietnam must monitor cooler RoI nationwide, engaging with retailers to enhance productivity. Presently, they navigate multiple systems to assess customer performance, pinpoint focus areas, and identify outliers. Streamlining this process would optimize cooler productivity, fostering better retailer connections.

Happiest Minds harnesses GenAI bots, utilizing Microsoft Azure OpenAI Service and open-source components, to develop a conversational interface that fulfills both critical business needs ― firstly, to create a GenAI-enabled HR assistant, and secondly, to develop a Cooler Productivity Monitoring System with an embedded layer of GenAI. The solution enabled users to access comprehensive information through a single interface and engage in natural language conversations with the underlying data. By integrating GenAI technology, this conversational interface enhances user experience, facilitating seamless interaction and efficient access to information. Users can now intuitively converse with the data, streamlining workflows and fostering a more productive and intuitive user experience for better HR enablement and augmented assistance for Sales reps and Asset Managers.

Implementing the GenAI solution at Coca-Cola Beverages Vietnam promises significant benefits for employees. Firstly, it enhances operational efficiency by automating tasks and streamlining processes, effectively reducing manual workload. Secondly, it fosters increased employee satisfaction and engagement, thereby boosting overall productivity levels.

Sridhar Mantha, CEO, Generative AI Business Services, Happiest Minds, said, “Our enduring partnership with Coca-Cola Beverages Vietnam led to the exploration of unique business cases, igniting excitement at GBS to collaborate and craft a unique GenAI solution. Given our strategic alliance with Microsoft, we were able to leverage Microsoft Azure Open AI stack to deliver tailored solutions for Coca-Cola Beverages Vietnam needs. In a short span since inception, we’ve already served over 20 customers and are actively engaging with numerous others, showcasing our commitment to excellence and customer satisfaction.”

Rahul Shinde, Vice President & CIO, Coca-Cola Beverages Vietnam, said, “I am proud of the fact that we were able to create a tool that has the potential to make a real difference in unleashing the productivity of our employees and we are only scratching the surface with Generative AI. We had confidence to partner with Happiest Minds through this journey and the team didn’t disappoint us. They were able to work in an agile manner and their technical expertise coupled with deep understanding of Coca-Cola business helped us to launch this product within a few weeks.”

Rajiv Shah, Executive Director, Happiest Minds, said, “The advent of Generative AI is poised to revolutionize not only the tech landscape but also the business arena in the years ahead, offering a competitive edge to organizations that embrace it swiftly. At Happiest Minds, we collaborate closely with our clients, guiding them through their GenAI implementation journey. From identifying needs and conducting gap analyses to providing tailored solutions aligned with their business objectives, we ensure our clients leverage the full potential of Generative AI to stay ahead in their respective industries.”

Nathan Nash, Strategic Account Technology Strategist, Microsoft, said, “This deployment of Microsoft Azure AI solutions with Coca-Cola Beverages Vietnam continues to build on the strong relationship between Happiest Minds and Microsoft in APJ. This solution has significantly bolstered operational efficiency, showcasing the robust capabilities of Azure AI in driving business transformation. By harnessing advanced analytics and AI tools, Coca-Cola Beverages has streamlined processes, reduced costs, and enhanced decision-making. This collaboration not only exemplifies the tangible benefits of Microsoft Azure AI but also stands as a glowing example of how technology can quickly deliver the business outcomes that customers need to compete in the new era of AI.”

Pioneering the field of Generative AI, Happiest Minds has strategically established a dedicated Generative AI business unit (GBS). GBS provides a comprehensive suite of Gen AI services spanning diverse sectors such as EdTech, BFSI, Healthcare, and more. Backed by a proficient team of AI engineering experts and a repository boasting over 120 use cases, Happiest Minds has successfully delivered bespoke Gen AI solutions for over 20 clients. This track record has firmly positioned Happiest Minds as a ‘Niche & Established’ leader in Gen-AI Engineering Services, a distinction acknowledged by Zinnov’s 2023 Zones Ratings for Digital Engineering and ER&D Services.

Happiest Minds is a recognized Microsoft AI Partner Council Program member. This program acknowledges partners’ expertise in various industries and their capability to facilitate business transformation through Microsoft Azure AI. Happiest Minds champions various Microsoft AI technologies to deliver innovative cloud-based AI solutions, drive innovation, and shape the future of AI-driven technologies.

About Happiest Minds Technologies

Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a Mindful IT Company, enables digital transformation for enterprises and technology providers by delivering seamless customer experiences, business efficiency and actionable insights. We do this by leveraging a spectrum of disruptive technologies such as: artificial intelligence, blockchain, cloud, digital process automation, internet of things, robotics/drones, security, virtual/ augmented reality, etc. Positioned as ‘Born Digital. Born Agile’, our capabilities span Product & Digital Engineering Services (PDES), Generative AI Business Services (GBS) and Infrastructure Management & Security Services (IMSS). We deliver these services across industry groups: Banking, Financial Services & Insurance (BFSI), EdTech, Healthcare & Life Sciences, Hi-Tech and Media & Entertainment, Industrial, Manufacturing, Energy & Utilities, and Retail, CPG & Logistics. The company has been recognized for its excellence in Corporate Governance practices by Golden Peacock and ICSI. A Great Place to Work Certified™ company, Happiest Minds is headquartered in Bengaluru, India with operations in the U.S., UK, Canada, Australia, and the Middle East.

For more information, contact:

Kiran Veigas, 
Vice President and Head – Corporate Marketing, Branding & Communications, 
Media Contact: media@happiestminds.com

About Coca-Cola Beverages Vietnam Ltd. (Coca-Cola Beverages Vietnam)

Coca-Cola Beverages Vietnam operates plants in Ho Chi Minh City, Da Nang, and Hanoi, generating more than 2,200 indirect jobs through its supply chain and more than 1,400 direct jobs. The company continuously enhances and offers a variety of high-quality beverages, including low-sugar and sugar-free product lines, while diversifying designs and increasing business coverage globally. Coca-Cola’s beverage brands in Vietnam include Coca-Cola, Coca-Cola Light, Coke Zero, Sprite, Fanta, Minute Maid Nutriboost, Minute Maid Teppy, Schweppes, Dasani, and Aquarius, as well as Fuzetea+ bottled tea, Georgia canned coffee, and Thumps Up Charge energy drink.

Coca-Cola Beverages Vietnam is a member of the Swire Coca-Cola Limited, a wholly-owned subsidiary of Swire Pacific Limited, since the completion of acquisition in January 2023.

About Microsoft

Microsoft (Nasdaq “MSFT”) is a global leader in technology, committed to empowering every person and organization on the planet to achieve more. With a focus on cloud computing, artificial intelligence, and productivity solutions, Microsoft is dedicated to driving digital transformation across

industries. The company’s innovations—including Microsoft Azure, Microsoft 365, and Dynamics 365—enable businesses to harness data, streamline operations, and enhance collaboration. Microsoft prioritizes security, compliance, and sustainability, helping organizations navigate today’s complex digital landscape while fostering a culture of inclusivity and trust.

Logo: https://mma.prnewswire.com/media/1812236/4024169/Happiest_Minds_Logo.jpg

 

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EPAM Expands Collaboration with Google Cloud to Deliver Scalable AI Solutions for Industry Transformation

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New AI-powered solutions address generative AI, legacy modernization and data analytics to solve industry-specific challenges

NEWTOWN, Pa., Jan. 15, 2025 /PRNewswire/ — EPAM Systems, Inc. (NYSE: EPAM), a leading digital transformation services and product engineering company, today announced it has expanded its strategic partnership with Google Cloud to deliver innovative industry solutions for clients across the media and entertainment, energy and retail verticals. The enhanced collaboration will leverage Google Cloud’s Vertex AI platform to drive measurable business outcomes for clients through generative AI, legacy modernization and data analytics capabilities.

Building upon EPAM’s existing strategic global partnership with Google Cloud, this strengthened collaboration will create repeatable, high-value solutions that address key industry challenges for clients. The collaboration enables marketing support and go-to-market strategies to deliver impactful digital transformation initiatives for EPAM’s Google Cloud clients.

To accelerate regional growth, EPAM will leverage its deep retail, energy and media industry expertise and regional talent footprint across Ibero markets through its acquisition of Neoris. The Company will also expand its financial services offerings across Europe, North America and APAC through its recent acquisition of First Derivative, delivering strong capabilities in banking and capital markets.

“We are excited to elevate our collaboration with Google Cloud, which enables us to deliver tailored, AI-powered solutions for our clients across top verticals such as energy, media and retail,” said Elaina Shekhter‎, Chief Marketing & Strategy Officer, EPAM. “By leveraging Google Cloud’s advanced AI technologies, enabled by the Vertex AI platform, we can drive measurable business outcomes and enhance customer value, making AI real for our clients. This expanded partnership not only strengthens our ability to create industry-specific solutions but also deepens our relationship with Google Cloud, enabling us to align more closely on delivering impactful, scalable results for our customers.”

EPAM’s expanded partnership with Google Cloud introduces four innovative solutions, leveraging the full power of Google Cloud and the Vertex AI platform. These include three new industry-specific solutions and one cross-industry capability:

Video Search and Indexing for Media and Entertainment: Transform unstructured video data into searchable, actionable insights using the Vertex AI platform, improving accessibility and audience engagement for both internal and external users.JenAii™ for Retail: Enhance customer satisfaction and boost sales with wayfinding assistance and customer education, while addressing staffing shortages and margin pressures for retailers.Geospatial Data Visualization for Energy: Drive better decision-making through intuitive visualization and analysis of complex datasets using EPAM and the Google Cloud Platform, powered by Gemini models.Talk to Your Data: Simplify data analysis with a horizontal solution that enables clients to interact with their data in plain language, transforming complex datasets into clear, actionable visualizations and reports.

“EPAM has helped global enterprises improve everyday operations with Google Cloud’s leading AI technology,” said Colleen Kapase, VP of Channels and Partner Programs, Google Cloud. “Through this next phase of our partnership, EPAM will provide customers with the expertise and services capacity required to successfully plan, deploy and optimize every stage of a generative AI project.”

For more information about EPAM’s partnership with Google Cloud and the new industry solutions, please visit: www.epam.com/services/partners/google-cloud.  

Discover how our expanded partnership is driving digital transformation and how we can empower your business to achieve lasting success: www.epam.com.

About EPAM Systems

Since 1993, EPAM Systems, Inc. (NYSE: EPAM) has used its software engineering expertise to become a leading global provider of digital engineering, cloud and AI-enabled transformation services, and a leading business and experience consulting partner for global enterprises and ambitious startups. We address our clients’ transformation challenges by focusing EPAM Continuum’s integrated strategy, experience and technology consulting with our 30+ years of engineering execution to speed our clients’ time to market and drive greater value from their innovations and digital investments.

We make GenAI real with our AI LLM orchestration, testing and engineering solutions, EPAM DIAL, EPAM EliteA™ and EPAM AI/RUN™, respectively.

We deliver globally but engage locally with our expert teams of consultants, architects, designers and engineers, making the future real for our clients, our partners, and our people around the world. We believe the right solutions are the ones that improve people’s lives and fuel competitive advantage for our clients across diverse industries. Our thinking comes to life in the experiences, products and platforms we design and bring to market.

Added to the S&P 500 and the Forbes Global 2000 in 2021 and recognized by Glassdoor and Newsweek as a Top 100 Best Workplace, our multidisciplinary teams serve customers across six continents. We are proud to be among the top 15 companies in Information Technology Services in the Fortune 1000 and to be recognized as a leader in the IDC MarketScapes for Worldwide Experience Build Services, Worldwide Experience Design Services and Worldwide Software Engineering Services.

Learn more at www.epam.com and follow us on LinkedIn.

Forward-Looking Statements
This press release includes estimates and statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Our estimates and forward-looking statements are mainly based on our current expectations and estimates of future events and trends, which affect or may affect our business and operations. These statements may include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions. Those future events and trends may relate to, among other things, developments relating to the war in Ukraine and escalation of the war in the surrounding region, political and civil unrest or military action in the geographies where we conduct business and operate, difficult conditions in global capital markets, foreign exchange markets and the broader economy, and the effect that these events may have on client demand and our revenues, operations, access to capital, and profitability. Other factors that could cause actual results to differ materially from those expressed or implied include general economic conditions, the risk factors discussed in the Company’s most recent Annual Report on Form 10-K and the factors discussed in the Company’s Quarterly Reports on Form 10-Q, particularly under the headings “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” and other filings with the Securities and Exchange Commission. Although we believe that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made based on information currently available to us. EPAM undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.

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SOURCE EPAM Systems, Inc.

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