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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5 Functions That Must Be In a Document Management Lifecycle

If you consider how people often treat business documents, it would appear that it’s common to view them as static items that fulfill a purpose at just a single point in time. As one example, take contracts: while a great deal of effort goes into negotiations, once an agreement is signed, it’s all too typical to file it away and never refer to it again. In other words, many treat the development of the contract as the primary objective, while managing the document after the fact is given little thought.

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The 5 Pillars of the Contract Lifecycle

Considering that the majority of revenues for most businesses are tied to contracts with vendors and suppliers, improved contract management might be one of the simplest ways companies can grow revenues. From paper documents that can’t be readily found and referenced resulting in poor compliance to missed deadlines, contract management in the enterprise is typically rife with problems that can erode value.

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Avoid Time Thieves With Contract Lifecycle Management

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.

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Robots Never Sleep: What AI and Automation Mean for Lawyers

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.

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Contract Management Procedures: 4 Reasons Why Excel Won't Cut It

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.

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Tips for Successful Subcontract Management Using the Contract Lifecycle

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.

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The Master Checklist for Contract Review and Management

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.

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A Guide to Preparing Your Paper Documents for Electronic Document Management

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.

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The Role of Artificial Intelligence in Contract Management

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).

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