If one of the main goals of procurement is achieving the best possible ROI from company vendors and suppliers, then contracts - the binding guidebooks for these relationships - are vital tools for achieving these objectives.

For the last few years now, blockchain technology has continuously disrupted the way companies do business, especially in the financial industry. More than just the foundation for cryptocurrency investments, however, blockchain technology has completely innovated everyday processes and the supply chain efficiency of businesses in nearly every industry.

Outsourcing is a crucial strategy for manufacturing enterprises, allowing businesses to more efficiently and cost-efficiently procure critical components, tools, and services, thus speeding up production cycles. But this reliance on third-party suppliers – many of whom may be spread out across the globe – makes effective contract management even more of an imperative for protecting quality and reducing other risks that can affect production or increase costs.

Effective contract management might be companies’ greatest performance tool: according to a review by McKinsey, most businesses have a vast majority of their annual revenues tied to contracts with suppliers and vendors (in some industries – specifically, the utilities, aerospace and defense, and food manufacturing sectors – that number is as high as 90 percent).

An employment contract may be the most important document that employees will sign while working for your company. Thoroughly defining the terms of employment with a written document isn’t just a good idea—it’s a best practice and a crucial step in order to protect your business from expensive litigation.

From improving cost transparency and efficiencies to navigating complicated regulations related to foreign investment, health and safety, and environmental protection rules, the oil and gas industry faces unique complexities within its contracts directly tied to their success. And while crude oil prices have come up since the lows of early 2016, with values still middling, effective contract management has become an increasingly significant means for oil and gas companies to control costs and improve profitability.

Delegating contract management activities to your non-lawyer professionals has a variety of advantages, but it needs to be planned deliberately and strategically. The right delegation strategy can help your reimagine workflows, empower staff, and alleviate drudgery by delegating legal contract responsibility to non-lawyer team members while still maintaining control and mitigating risk.

If you follow tech and innovation news, there’s a good chance you’ve heard a lot about AI. AI, or artificial intelligence, is the use of machines to perform functions that typically require human intelligence.