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Application of Big Data in Contract Management

   

Added on  2020-04-15

4 Pages784 Words113 Views
Running head: APPLICATION OF BIG DATA IN CONTRACT MANAGEMENTApplication Issues of Big Data in Contract ManagementName of the Student:Name of the University:Author Note:

1APPLICATION OF BIG DATA IN CONTRACT MANAGEMENTThe essay would shed light on the issues of applications of big data in contractmanagement. Big data refers to the immense amount of data, which is deposited in the digitalspace by people and organisations from all round the world. It encompasses massive amountof information on diverse areas like defence, business information, technology and law.Contract management refers to the management of contracts business organisations have withtheir employees, customers, partners and suppliers. One can point out that today companies,especially the multinational companies use big data to management the immense number ofcontracts they have with these stakeholders. However, big data have several shortcomings,which make contract management very difficult and expensive.The first ‘wrong’ or issue which the companies involved in contract managementusing big data are facing is rampant interruptions in the flow of data. The companies,especially the multinational companies today employ people and engage businesstransactions with suppliers and logistics chain all round the world. They keep on eitherintroducing new products or upgraded versions of existing products. This requires them toacquire knowledge about thousands of raw materials. Moreover, they have to enlistthemselves on several stock exchanges and enter into contracts with several financialinstitutions all over the world. This vast scale of operations necessitates the companies toaccess information the diverse information categories like raw materials and stock exchangesusing big data (George, Haas & Pentland, 2014). This intense pressure on hundreds ofoperators from all round the world often causes the internet to crash. Electrical blackoutsprevent organisations from accessing crucial information pertaining to contracts with theiremployees and suppliers. They, often due to time constraint have to take hasty decisions inabsence of access to the digitally saved contracts. These inappropriate decisions often causedispute with organisations and these stakeholders owing to breach of contracts with results inhuge legal expenses.

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