It’s no secret that Artificial Intelligence (AI) is making a huge impact on a variety of industries and disciplines, and contract management is no exception. Contract management has historically been a very manual process, but software has been able to automate much of that manual work in recent years. The addition of AI is now making contract management simpler and more efficient than ever, which is paying significant dividends for legal teams of all sizes.Read More
A common problem in contracting is that despite best intentions, contracts often don’t deliver their full intended benefits: according to the Harvard Business Review, enterprises typically lose anywhere from five to 40 percent of the value of any given deal over the course of its lifespan.
Such value erosion can have many culprits: suboptimal and/or inappropriate terms and conditions, failures by one or more parties to abide by their contracted obligations, and the absence of or poor adherence to best practices for contract management are among the common themes that prevent businesses from realizing the full value of their agreements. But technology is providing enterprises with newer and more sophisticated tools than ever before that can help reduce such problems – and eliminate arduous, manual aspects of managing contracts and conducting contract reviews at the same time. One such innovation, machine learning, offers tremendous promise in this regard.Read More
Better contract management is closely linked with better overall business performance, research shows: according to a report from McKinsey, a combination of sub-optimal contract terms and a failure to employ best practices for contract management can result in erosion of value equal to nearly 10 percent of total revenues annually. As such, it follows that correcting vulnerabilities that commonly occur within contract lifecycles by improving end-to-end contract management processes offers a promising tactic for improving profitability.Read More
Contracts provide a clear and legally-binding framework for navigating all of your business dealings, from employment arrangements to purchase deals for key parts and supplies. While well-defined contract terms can help to reduce any risks related to your business arrangement, a contract alone is only of limited power. It is through the effective management of contracts that businesses truly reduce their vulnerabilities.
Fortunately, technology has greatly improved the discipline of contract management, providing features that make it easier and more efficient to handle agreements at every stage. To reduce your contractual risks, look for these four tools.Read More
At ContractWorks, our employees come from a variety of experiences and backgrounds, each with a unique set of skills and talents that align with our overall mission of providing simple, smart document management solutions.
We’re proud of the team we’ve assembled, and we think it’s about time you get to know the people that are innovative, agile, and committed to fulfilling the needs of our customers.
This month we’re catching up with ContractWorks' Marketing Campaign Manager Tara Naughter. With previous experience in graphic design, teaching, and real estate marketing, Tara has an extensive and dynamic background.
We’re currently in the middle of the greatest disruption to how we work since the invention of the steam engine. From robotic process automation to voice recognition and natural language processing, artificial intelligence (AI) is enabling businesses to meet their objectives more efficiently and effectively than in the past, with forecasts that AI-based technologies will contribute up to $15.7-trillion to the global economy over the next decade.Read More
As the name indicates, “boilerplate provisions“ are legal clauses in a document that rely on “boilerplate“ language, often varying little between different contracts.
However, the term “boilerplate“ doesn't imply that this topic is to be taken lightly. In fact, not paying full attention to the language inside boilerplate provisions can be highly costly in terms of unpleasant surprises down the road. In this article, we'll discuss what boilerplate provisions are and why they can actually make or break a contract.Read More
Later this month, the ContractWorks team is traveling to Boston, MA as a sponsor for the American Health Lawyers Association’s (AHLA) Annual Meeting.Read More
Are your contracts scattered across various hard drives, desktops, and cloud locations? Have you ever missed a contract milestone or deadline that forced you into a costly and unnecessary renewal? Are you wasting valuable company time and resources creating manual processes to manage your contracts? If any of these sound familiar, it may be time to consider implementing contract management software.Read More
Whether it’s the personalized list of movies recommended to you by Netflix or customer service chatbots that get you the answers you need day or night, AI has already had a transformative effect on everyday life and will continue to expand as technology evolves. Within the business world – including within contract management-related functions – we’re seeing growing benefits.
But how has AI – or artificial intelligence – already changed some of the key tasks associated with managing corporate agreements? And what realistic expectations should we have for AI’s ongoing impact on how contracts are managed? Keep reading to find out.Read More