Managing tasks and responsibilities associated with tens of thousands – if not more – contracts is, by nature, painstaking work due to complexities within contracts, coordination that must exist between teams and external parties, and a host of other factors. According to research, 78 percent of contract managers say they are under increased pressure to reduce contract-related costs. Additionally, contract managers must often contend with contract inconsistencies, a cumbersome contract management lifecycle, slow business processes, and other risks.Read More
In 2016, a report released by Deloitte Insight struck fear in the hearts of many legal professionals when it predicted that nearly 40% of jobs in the legal sector could be automated (and therefore, eliminated) within the next decade. In raw numbers, Deloitte essentially put over 100,000 lawyers, paralegals, and legal assistants on the chopping block, citing the “profound reforms” within the profession over the next ten years.Read More
One of the biggest challenges of contract management is finding a solution for dealing with volumes of contracts that can reach the tens or even hundreds of thousands. Though cost-effective software solutions exist that help organizations seamlessly manage each stage of the contract lifecycle, it’s also easy to understand why manual tools such as Excel spreadsheets are so popular.Read More
For many companies, providing goods and services to other firms by virtue of a contractual relationship is central to the heart of their business, and it is often quite lucrative. Of course, companies cannot always make their products or provide their services without the help of subcontractors. Companies with a high volume of contracts often enter into subcontracting agreements with other firms to manufacture goods or deliver services in a faster, cheaper, and/or more efficient manner.Read More
When it comes to an organization’s corporate agreements legal teams must be sure to examine different contracts, and contract types, through distinct lenses as the information in each is likely pertinent to a variety of stakeholders, and requires unique frequency of examination based on its contents.Read More
Transitioning to an electronic document management system (DMS) offers numerous benefits over an old-fashioned, hard copy storage system. Improved safety, searchability, and efficiency of document access and sharing are just a few advantages. One critical challenge to implementing an electronic system, though, is the labor involved in making the switch.
Even if you know your company or department would benefit from going digital with your documents, it can be tough to know where to start transitioning to the new system. That’s why we’ve prepared a guide to help you prepare and upload documents as smoothly as possible.Read More
From Netflix recommendations to self-driving cars, the applications of artificial intelligence in everyday life continue to expand with each passing year. Businesses, too, leverage artificial intelligence techniques in order to know which customers to target, which products need improvement and which processes they should automate.
Surprisingly, AI has made limited progress in the legal profession so far--but as more and more companies realize the major benefits in doing so, this number is only expected to grow. Below, you'll find just a few of the ways that AI can support and enhance traditional activities in contract lifecycle management (CLM).Read More
While most companies recognize the importance of contract management software, ineffective implementation can leave execs feeling disappointed. Failing to achieve contract management improvements is especially frustrating for the employees who made the case for purchasing the software in the first place. You identified that the old system wasn’t working, and the contract lifecycle management software the company bought said it would save money and lower risk. What’s gone wrong?Read More
It is often difficult to discern the success of a contract when the subject matter of the agreement is more complex than the delivery of a single item in exchange for a payment. A lot of business contracts can last for several years and may involve a series of actions, deliveries, and/or payments from one or both sides. Nonetheless, contract performance is critical to managing a company’s contract portfolio, and it obviously has significant influence on the bottom line. As a result, the contract management team must have clear metrics by which to measure performance. Here are four key metrics that can be used to evaluate contract performance:Read More
A frequent remark we hear from managers and counsel overseeing contract management is, “We know we need a better system, but this isn’t the right time.” The fact is, a poor system is often to blame for consuming too much of a department’s time.Read More