Choosing the Right Legal Technology for Your Organization

Sometimes, managing a legal department can feel a bit like a high-stakes round of whack-a-mole. Clients must be handled. Contracts need to be signed. Payments and finances must be monitored. Above it all, diligent oversight and a proactive strategy must be maintained.

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Solving the Problem of Poorly Performing Contract Management

According to a recent review by McKinsey, contracts with suppliers and vendors represent the vast majority of companies’ revenues. In fact, within some industries – including utilities, aerospace and food manufacturing – revenues associated with contracts can make up as much as 90 percent of total annual earnings.

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Contract Managers vs Project Managers

Contract managers and project managers are integral members of many business teams. Although their roles and responsibilities are similar, and in some instances may even overlap slightly, these are distinct positions requiring unique knowledge and skills. For simple contracts and projects, it is often possible and economical to utilize one team. However, for more complex endeavors, it is generally best to rely on separate teams with content-specific expertise. Here are some key differences between contract managers and project managers.

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Contract Administration Process: 5 Signs You Need to Optimize Yours

With contract portfolios for large companies extending into the tens and even hundreds of thousands of documents, effective contract administration is predicated on an organized, proactive approach. But even if your contract administration process seems to be working reasonably well, putting some thought into how to further optimize it further can reap significant benefits: according to the International Association of Contract and Commercial Management, more effective contract management processes can help companies grow profitability by nearly 10 percent annually.

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4 Steps for an Effective Contract Plan That Will Drive the Future

Technology is transforming broad aspects of business operations, and the area of contract management is no exception. Artificial intelligence or AI, where computers utilize data to help organizations make more efficient and informed decisions, is one such area. For example, AI has the potential to improve the speed and effectiveness of contract drafting by analyzing past contracts and identifying useful clauses and terms applicable to new contracts.

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Are You Maximizing ROI from Your Current Electronic Contract Strategy?

An effective contract management strategy is designed to help your organization reap the greatest benefits – and reduce risks such as penalties or lost sales – along the way. But if you’ve ever questioned whether your current strategy, and the contract management software you’re using to support it, are delivering the full benefits you're hoping for, you wouldn’t be alone: according to the International Association of Contract and Commercial Management (IACCM), just one third of sales people believe their organization’s contract management process is effective at maximizing value and minimizing risks.

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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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A Guide to Aligning Supplier Contract Management With Your Sales Processes

Just a little more than half of sales teams achieve their annual company sales targets, while 44 percent say they struggle not only to hit their numbers but to do so profitably. Considering that there is no clearer marker of success in sales than a signed contract, it follows that stronger contract management processes can only improve sales metrics.

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Contract Management System Strategy and Execution: A Guide to Aligning Both

Your contract management strategy should define the goals of your organization’s approach to contract management as well as the solution for achieving them. But in order to bring your strategy to fruition, you also need an execution plan that details all of the steps and actions that will be required to achieve your goals. More simply, your strategy is what you want to do and your execution plan is how you are going to do it.  

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3 Common Pitfalls of Legal Contract Management and How to Avoid Them

Though they’re designed to reduce risk and maximize profit and opportunities, it takes more than just signing and then filing away a contract to realize these benefits. Poorly-managed contracts can be time-consuming, creating backlogs and bottlenecks for legal teams. They can also be expensive: according to the International Association of Contract and Commercial Management (IACCM), nearly 40 percent of contracts don’t deliver the financial benefits they were intended to. On the flip side, IACCM also found that good contract management can help businesses grow their bottom lines by nearly 10 percent annually.

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