Ready to adopt vendor contract management software in 2018, but unsure how to navigate a smooth transition throughout your organization? Let us outline some strategies to take advantage of employees’ strengths and set your new system up for success.Read More
These days, virtually every single industry is utilizing technology to maximize efficiency and productivity, and the legal market is no exception. There are individualized and packaged software solutions and cloud-based applications that address a myriad of business issues, including the specialized needs of small, medium, and large law firms as well as in-house counsel teams. Of course, the legal industry faces unique challenges when it comes to incorporating technology into its practices in light of the importance of confidentiality. Regardless, legal technology is a flourishing market, so here are some aspects to pay attention to this year:Read More
Document management can refer to a wide variety of tasks, but the umbrella term basically means storing documents in a digital, searchable format. Executives often hope their document management software will result in cost savings. If you’re using quality software effectively, you should be able to capture savings in various areas of your organization’s operations. Whether you’re new to electronic document management or want to prepare a more comprehensive report, this article will help you identify areas to evaluate as you assess your document management ROI.Read More
The contracting process is a continuous cycle, and for most companies, there are likely a number of contracting cycles occurring simultaneously. Depending on your company’s resources and capabilities, your legal team is likely tasked with overseeing a rather voluminous contract portfolio.Read More
Business relationships have grown more complex in recent years, and thus contract management has had to evolve in order to keep up with the times. To understand how technology has affected contract management, you only have to notice how rare it is these days for contracts to be written on paper instead of electronically.
Larger technological developments will continue to change how contract management is practiced -- perhaps on a level as revolutionary as the paperless contract. Now that we're in a new year, it's a good time to reflect on what lies in store for contract management in the near future.Read More
Ask developers about the merits of a software program, and you’ll probably hear a lot about the technical aspects of the features. Not to suggest that features aren’t important, but they shouldn’t be the main factor influencing a software purchase. So what should top the list? The most important consideration should be the benefits the organization will derive from whatever features the software offers. When we discuss key components of contract management software, we’re talking about problems features can help solve, and improvements they can help effect in overall contracting processes.Read More
In your research to find a contract management solution, you’re sure to encounter a long list of options. Comparing one software system’s set of features against a competitor’s can be time-consuming and overwhelming. Before you put contract management on the back burner, consider this: A successful software system can save your organization time and money, and improve security. What’s more, we’re here to slash your research time with a list of the essential features you need in an effective service contract software system.Read More
Legal contracts are foundational for companies of any size and industry. By codifying the exact relationship between a business and its customers, contracts place weight behind the promises that both parties make to each other and provide a framework for handling disagreements.
Unfortunately, far too many companies are failing to live up to the best practices and standards of contractual risk management. The International Association for Contract & Commercial Management, for example, estimates that companies lose nine percent of their total revenue every year via poor contract management.
From a complex contracting landscape to scarce investments in good contracting processes, the potential issues that you'll face are significant. The following article will give you an overview of the challenges of contract management and what you need to do to make your processes more efficient and productive.Read More
Anyone involved in contract management needs to learn the basics first. At its simplest, contract management is about tracking performance and addressing any issues throughout the duration of the contract. A Report from the Journal of Contract Management found that 71% of companies misplaced 10% of their contracts. In 2015, the International Association for Contract and Commercial Management (IACCM) suggested that new technology could spark a contract management revolution, but only if businesses are ready to fully embrace the new tech's potential.Read More
As you consider contract management systems, you may encounter the question of open source or proprietary software solutions. These types of systems offer different advantages and disadvantages when it comes to cost, flexibility, support, and other considerations. You will need to take your organization’s priorities and resources into account to decide what is best for your needs. We’ll go over some of the main pros and cons of open source software to help you determine whether it is a viable option for your organization.Read More