In recent years the rise of cloud-based technologies in corporate culture has become undeniable, and by now, it should be clear that legal departments need to take full advantage of technology in order to maximize their productivity and efficiency.Read More
Legal contracts are foundational for companies of any size and industry. By codifying the exact relationship between a business and its customers, contracts place weight behind the promises that both parties make to each other and provide a framework for handling disagreements.
Unfortunately, far too many companies are failing to live up to the best practices and standards of contractual risk management. The International Association for Contract & Commercial Management, for example, estimates that companies lose nine percent of their total revenue every year via poor contract management.
From a complex contracting landscape to scarce investments in good contracting processes, the potential issues that you'll face are significant. The following article will give you an overview of the challenges of contract management and what you need to do to make your processes more efficient and productive.Read More
Managing a contract portfolio without the right tools can make this already complicated process far more cumbersome than necessary. Old school contract management methods involving massive amounts of printing and crammed filing cabinets was the way of the rather distant past, although there are no doubt still a few holdouts. Of course, there are other seemingly modern, electronic management methods companies have relied upon, which have also fallen out of favor, such as shared network drives or lengthy spreadsheets. These days, the only contract management practice that actually works requires the use of sophisticated software that has the right combination of practical features. If your company’s contract management practice does not afford you the following, then it may be time for a change.Read More
Our clients asked and we listened! ContractWorks Contract Management Software now comes standard with built-in electronic signature for quick online contract signing.Read More
Getting away from paper documents, especially those used in regular business practices and workflows, is a great step toward streamlining your company’s document management storage system (DMS).Read More
For the past few years, the healthcare industry has dealt with growing state and federal regulations by increasing compliance budgets and staffing. And as demands accrue for greater accuracy, privacy, and patient data security healthcare organizations are carefully considering ways to improve compliance.
One area of ongoing concern for healthcare organizations is contract management. Contracts are required for many aspects of business, but a Journal of Contract Management report found that over 70 percent of companies can't find 10 percent or more of their signed contracts. This alarming statistic should give any management team pause, but the issue is particularly sensitive for the healthcare industry. Lost contracts can lead to serious breaches of privacy, duplications and administrative errors resulting in penalties for the organization.
Data security is central to a company retaining its competitive edge, as well as the trust of its clients and vendors. There really aren’t any documents that are exempt from this either. These days, businesses desperate to outmaneuver competitors and savvy hackers looking to make a buck seem to figure out how to infiltrate and exploit, or even monetize, virtually any pilfered data. Obviously, the data contained within a company’s contracts are not an exception to this reality, and thus they must be safeguarded with the same vigor as any other sensitive document.Read More