Knowing what to do with high volumes of paperwork and digital files is a key challenge in the enterprise. Within contract management, records management is an even bigger challenge: between employment agreements, customer and vendor contracts, NDAs and a host of other agreement types, enterprise contract portfolios can consist of tens of thousands of contracts, both current and archival.Read More
As 2018 draws to a close and we look to the future of contract management, it's important to review some of the significant changes and innovations we've seen over the last year. We expect many of these trends to continue and grow into 2019, with contract management becoming more automated and convenient for all different types of businesses.Read More
Effective contract management processes are an important way to ensure that your relationships with vendors and suppliers and other parties function and provide value as intended. But contract management best practices play another important role – they can help to reduce your company’s exposure to a variety of potentially costly risks.
Follow these best practices to reduce your chance of experiencing problems throughout the contract management lifecycle.Read More
When it comes to contract management, many legal departments still rely on an ad hoc set of solutions that combine filing cabinets, spreadsheets, emails, and a shared drive - and for a lot of teams, those solutions work just fine. But holding on to spreadsheets and other low-tech options for too long can be equally costly.
Encompassing all of your agreements with employees, vendors, suppliers and customers, contracts are arguably one of the most important tools in business today. As legally binding and mutually-agreed-upon roadmaps for guiding all of your business relationships, it’s worth taking a look at your contract management services to ensure that your approach is efficient, helps you to maximize the value you derive from your contracted agreements, and will minimize your risks to the greatest possible degree. There are countless approaches to contract management services: outsourcing, dedicated internal departments, manual processes, dedicated software, and so on. And though these approaches to contract management services can vary tremendously, there are some common ways to improve success. Here are four critical ways to successfully approach contract management services in your organization.Read More
Risks arise whenever a contract is created. You can safeguard your contracts by developing a risk response plan that identifies the goals, techniques, and challenges associated with your assessment. Once you’ve created your response plan you will also want to identify which risks can be avoided or eliminated, which can be transferred, and which need to be actively managed.
When you consider how many business functions take place online these days, it’s no surprise that IT-related contracts are some of the most important to businesses. From video-conferencing with clients to e-commerce to apps that enable key finance and marketing functions, businesses are more reliant than technology than they ever have been in the past.Read More
The average Fortune 2000 company may be a party to as many as 40,000 active contracts, each one with its own set of authorities, enforcement, and risks. Allowing an ad hoc system of organization and management to develop - instead of a well-planned and methodically initiated strategy - creates unnecessary risk and adversely affect long-term growth.Read More
It seems you hear the words “AI” and “machine learning” everywhere these days. Although the terms AI and machine learning are getting lots of buzz, many people are still confused about what these terms actually mean and their implications for business and legal departments. Before one can begin to understand the potential uses and benefits of AI and machine learning for contract management, it’s important first to have a clear understanding of what the two terms mean.Read More
Although AI offers a lot of promise for the legal field, it’s not a golden ticket to bigger profits and improved efficiency. Before you take the leap and adopt AI for your organization, you should understand how it works: its processes, its capabilities, and its limitations. In this article, we’ll discuss five of the most important things that every general counsel should know about artificial intelligence.Read More