The Value of Analyzing Contracts

Contracts are extremely valuable tools in the business world. Primarily, these legal agreements establish the framework and rules of engagement for any business deal into which your company enters. A detailed contract will describe all of the precise deliverables attached to an agreement, along with fees (and related considerations such as currency caps), timelines, and other requirements.

But while much effort goes into preparing and negotiating agreements, contracts are all too commonly filed away after they have been signed. If they are pulled and reviewed, it’s often to monitor the performance of the business arrangement or because something within the agreement has gone wrong.

This is unfortunate and short-sighted. In addition to providing the framework of the business deal to which it pertains, analyzing contracts can yield useful business insights and lead to better contracts in the future.

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3 Ways to Structure Legal Operations for Maximum Efficiency

In-house legal departments are being redefined due to a number of internal and external factors. Whether it’s due to mergers and acquisitions, a need to stretch resources across multiple business locations and geographies, or other influences, legal departments are being asked to drive more value than ever before and to do so more efficiently.

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4 Tips for Taking Control of a Growing Contract Portfolio

Contract portfolios are larger than ever before, and many organizations are struggling to keep up. According to IBM, Fortune 1000 companies now manage an average of 20,000 to 40,000 active contracts at any given point in time.

While you may not have quite so many contracts on your plate (or maybe you do), having a growing contract portfolio causes issues such as poor contract management performance and a high rate of human error.

Meanwhile, McKinsey & Company estimates that suboptimal contracts and poor processes cause organizations to lose an average of 9 percent of their annual revenue.

The good news is that you don’t have to sit helplessly and watch as your contract portfolio balloons far beyond your control. By following the 4 tips below, you can regain control of your contracts and make your contract management processes more efficient and effective.

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How Legal Operations Departments Are Evolving

As the old saying goes, change is constant. This is especially true within the corporate world, where businesses must keep pace with market forces, technological advances, and other factors in order to maximize efficiencies and stay competitive. No department is spared from this ongoing need for evolution, and that includes legal operations.

So how are legal operations evolving? An annual survey with legal operations leaders shows a number of key shifts. Here are three ways legal operations departments are evolving – and the impact these trends may have on resources, processes, and other considerations that impact in-house legal teams.

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The Biggest Contract Management Challenges Facing Today's Tech Companies

Technology companies manage thousands, if not tens of thousands of contracts. These include:

  • Contracts with resellers and distributors of your software or hardware

  • Patents, trademarks, and copyrights that protect your intellectual property

  • License agreements for the use of technology belonging to other companies

  • Contracts with employee workers and contractors, including NDAs and non-competes

  • Equipment leases, real estate contracts, etc.

And that’s not counting contracts and licenses with customers, which for B2C tech businesses may amount to hundreds of thousands, if not millions, of contracts.

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Contract Management Guide: 4 Ways to Fix Outdated Processes

There are few better illustrations of how far technology has advanced over the decades than your smartphone. In 1945, scientists booted up one of the earliest versions of the computer: it was a hulking machine that took up 1,500 square feet, weighed in at 30 tons and had memory and processing capabilities that are barely a fraction of those of today’s pocket-sized devices.

Technological innovation has transformed almost every aspect of life since then, from your cell phone to, yes, contract management. And while even the most die-hard luddite isn’t performing their work on a slow, antique processor, many organizations remain mired in outdated practices and methods of handling important corporate agreements. Some of these outdated processes even predate those apartment-sized computers!

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How Every Department Benefits from Contract Management Software

Contracts are the lifeblood of every modern business, from tiny startups to giant multinational firms. By enforcing the terms of an agreement between two or more entities, contracts are the foundation of a trusted and reliable relationship between separate individuals or companies.

However, you might have dozens, hundreds, or thousands of contracts in force at the same time. Managing and administering them all requires a great deal of time and effort as a result. Fortunately, dedicated contract management software can significantly reduce the resources you need to expend on the task of contract management.

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Evolving Beyond Spreadsheets: A Guide to Modern Contract Management

For many companies, contract management has traditionally consisted of manually updating spreadsheets to help document and track the endless deadlines and complicated terms found within their corporate agreements. However, as technology has evolved, more effective and efficient ways to manage large volumes of contracts have emerged. 

Although spreadsheets might seem sufficient for some contract management needs, it is not a sustainable solution as your company grows. Below are some of the reasons legal teams have often turned to spreadsheets for their contract management needs, as well as the benefits of making the switch to dedicated contract management software.

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Hospital Contract Management: 3 Ways to Ensure Compliance

While the ability to effectively manage contracts and keep up with all contractual obligations is important for any business, it is paramount for hospitals, which are faced with a number of compliance regulations designed to best protect patients’ health and interests.

Though the primary function of a hospital may be to administer patient care, just like any other business, hospitals routinely deal with a high volume of different types of contracts affecting every aspect of how they run. These include agreements with the doctors who work out of their facility, contracts with medical equipment and pharmaceutical vendors, and things like IT service agreements, even though they may not seem directly tied to the delivery of patient care.

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3 Main Benefits of a Contract Management System

Optimizing contract management processes can help businesses improve bottom lines by nearly 10 percent annually, according to the International Association for Contract and Commercial Management. But of all the optimizations that can be implemented throughout contract lifecycles, one of the most impactful may be a contract management system using a dedicated software solution.

What makes employing a contract management system such a powerful way to drive value and reduce risks? Keep reading to uncover the three main benefits of a contract management system.

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