Recent Posts by Tara Naughter

Artificial Intelligence in Contract Management: 5 Things You Need to Know

Across functions and industries, executives are excited about the potential of artificial intelligence – or AI – to transform key business functions. According to a report from Deloitte about the state of AI in the enterprise, businesses believe that the improvements AI can deliver are an important way to help them compete in today’s fast-moving marketplace, with software representing one of the easiest paths to AI adoption.

Among the top benefits, executives say AI is helping them to optimize internal processes and make better decisions. And while these findings are not focused strictly within the contract management function, the opportunities artificial intelligence technologies provide to help businesses manage their portfolios of vendor and supplier agreements, employment contracts, and other key documents are equally great.

But in order to develop an artificial intelligence strategy for contract management that delivers on expectations, it’s important to understand both the capabilities and potential of AI as they pertain to the discipline of contract management. Before you get started, here are five key things you need to know.

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4 Trends Driving the State of Contract Risk Management

Anyone who uses corporate contracts will tell you that managing such agreements is really about managing risks. With that, the majority of corporate revenues are typically tied into agreements with customers and vendors, the effective mitigation of contract risk plays a major role in a company’s ability to realize the full value of hard-won business agreements. Proactive contract risk management also enables businesses to limit costs, penalties, and other fallout when things don’t go as planned.

But risk landscapes are constantly changing – for better and for worse. While some innovations can help businesses identify and contain potential threats faster and more effectively, other forces, such as shifting regulations require greater diligence than ever before.

Here are four key trends that are currently driving the state of contract risk management.

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How to Solve Your Biggest Contract Approval Process Problem

Contract cycle times are directly tied to business results: whether it’s finalizing the paperwork to bring on a new hire, reaching a deal to obtain key parts and supplies, or closing a sales deal with a new customer - lags in the contract approval process can delay results and profits, and thus directly impact your business bottom line. As business speed and agility increasingly become competitive differentiators, the ability to efficiently process contracts and move on to the execution phase has become a make-or-break imperative.

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Announcing ContractWorks' New Artificial Intelligence Feature - AI Auto-Tagging

After months of hard work, conceptualizing, designing, and testing, we’re excited to announce our new artificial intelligence feature - AI Auto-Tagging! Upload your documents and let ContractWorks do the tagging for you. Enjoy more control and productivity with a tagged contract repository ready for searching and reporting.

Read on to learn how AI Auto-Tagging can make managing your contracts easier.

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3 Ways to Make Your Contract Management Plan More Successful

Contracts are one of the most important tools in your company’s possession for driving business results. Whether you’re talking about employee agreements, vendor and supplier contracts, or deals with customers, contracts provide a legally-enforceable framework. A framework for navigating your most important business relationships detailing everything from specifics about deliverables to important terms, conditions and backup clauses should anything go wrong.

But just because all parties sign on and are required to adhere to the terms of an agreement doesn’t mean that contracts magically deliver simply by virtue of their existence alone.  Contracts require careful, detail-oriented handling throughout their lifecycle to ensure that all parties reap the intended benefits and minimize their risks. This practice is known as contract management and having (and sticking to) an effective contract management plan provides key benefits, from a reduced risk of compliance infractions to more favorable outcomes for future contract negotiations.

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ContractWorks is Sponsoring ACC Xchange 2019 in Minneapolis

The ContractWorks team is headed to Minneapolis as a sponsor and exhibitor of the Association of Corporate Counsel (ACC) Xchange 2019 from April 28 to 30th 2019.

ACC Xchange will be held at the Hilton Minneapolis and is a combination of ACC’s Mid-Year Meeting and Legal Operations Conference and includes an exciting line-up of sessions surrounding In-house Litigation and Next Gen Contracting, Legal Operations, and Leadership and Business Training. The event attracts over 500-600 law department executives and ContractWorks is excited to be there.

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ContractWorks Spring Resource Round-Up

A quick visit to ContractWorks’ resources page will provide you with a variety of insightful free ebooks, guides, webinars, case studies, and more.

With so many great resources to choose from, we thought we would highlight three guides that many of our blog readers are finding useful and we thought you may as well.

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4 Tips to Ensure Successful Contract Management Implementation

How effectively your business can manage contracts is a significant to your organization's overall success. According to research from the International Association of Contract and Commercial Management (IACCM), improving contract management can improve corporate profitability by nearly 10 percent annually.

Where do so many contracts go wrong? While businesses can put their best foot forward by taking steps to draft well-defined contracts with clear deliverables and terms, many contract related losses and missed opportunities to improve value occur after a deal has been negotiated and signed. In other words, how a contract is implemented plays a direct role in its outcome.

According to the IACCM, contracts that are not managed diligently throughout their term risk leaking value. For example, the IACCM reports that 77 percent of companies lose value due to project delays and cost overruns, a risk that may be mitigated or avoided altogether through stronger contract management implementation.

Here are four tips to reduce risk and improve value from your contracts through successful contract management implementation.

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Artificial Intelligence: The Basics

It’s hard to escape the footprint of artificial intelligence. Though once thought of in futuresque, sci-fi terms, artificial intelligence (AI) in its various forms has proliferated everyday life both at home and in the enterprise. According to a report from Gartner, the number of enterprises using AI has tripled in the last four years, meaning that from Amazon product recommendations to voice-controlled light switches to automated functions that improve key pain points and boost productivity at work, AI is now everywhere.

But what does AI actually mean and what do you need to know about it now? Keep reading to learn the basics.

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5 Reasons Contract Management Software Can Alleviate Pain Points for Your IT Department

Business units and IT departments are often seen as being at odds with each other within the enterprise. While employees want fast, cutting-edge solutions that can help them do their work more efficiently, information technology workers are sometimes seen as overly conservative and out of touch with the needs of business users.

But as the gatekeepers of company technology, achieving IT buy-in is a crucial step in implementing any new solution that is aimed at improving business results – and contract management software is no exception. One way to improve the alignment between business and tech teams is by understanding and championing the ways a solution can alleviate existing IT pain points. Here are five reasons contract management software specifically can also bring about improvements to your company’s IT department.

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