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.Read More
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 a recent survey, 92 percent of federal contracting professionals agreed that effective contract management is vital to their organization’s success. At the same time, 40 percent reported that their organization’s contract management policies are either not consistently applied, not documented or are nonexistent. Six in 10 respondents also reported using Microsoft Excel to manage contracts – a manual solution that lacks vital features for improving the security and efficiency of contract management.Read More
In today's business landscape, one of the only constants is change. Organizations constantly need to adapt and evolve in order to respond to new market trends and customer demands.Read More
Switching from spreadsheets and other manual contract management solutions to software can be a powerful change agent for organizations. An end-to-end contract management software solution can help you to eliminate bottlenecks, reduce the risk of missing important contractual milestones, and help your organization realize the full benefits of its agreements.Read More
In this age of data breaches, you are likely concerned about the security of any new software or cloud solution your organization maybe utilizing. After all, whether due to intentional hacks, accidental leaks or negligence, breaches can be costly for businesses – to the tune of $3.62 million, on average. Weak security can expose customer data and trade secrets, and jeopardize trust and other intangible assets.
But can your contract management software make you vulnerable to these risks? The short answer is no – but only if you are using a platform that offers the protection you need.
In fact, the right contract management software can actually give you the tools to protect your organization better than common piecemeal solutions for storing and sharing vital agreements, such as spreadsheets and SharePoints. Contract management software can not only reduce the risk of a breach but also help organizations more quickly locate the cause and contain security incidents should they occur, reducing costs and other fallout.Read More
If you’ve ever slogged along on a slow old laptop while your lightning-fast new computer sat untouched in its box, then you know just how powerful a force inertia can be. When it comes to contract management technology, even if you’re already sold on the benefits, actually making the switch can be a whole other story. Though contract management software saves organizations time and improves communication, visibility and companies’ ability to reap the full benefits of their agreements, the actual process of implementing your new solution may seem daunting.
Fortunately, it’s easier to deploy contract management software than you may think. Some cloud-based contract management systems allow you to go from the login screen to fully up and running in just half an hour, thanks to intuitive drag-and-drop menus and other features that make getting started a breeze.
Follow these five easy steps to deploy your contract management software and start realizing the benefits now.Read More
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