5 Technologies to Implement in Your Legal Department in 2018

In recent years the rise of cloud-based technologies in corporate culture has become undeniable, and by now, it should be clear that legal departments need to take full advantage of technology in order to maximize their productivity and efficiency.

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When Do You Need to Update A Corporate Contract

Contracting is a standard practice among most businesses, and attorneys for the parties to the agreement often handle all or at least some aspects of the contracting process. As a result, busy company leaders may not take the time to read the contracts and their accompanying documents very carefully. Ideally, there will be a contract management team in place to oversee the portfolio. Regardless of whether there is a formal team or not, someone will have to take the lead on keeping track of contractual matters. This can be a daunting task, although there are plenty of useful and affordable software solutions available that can make the process much simpler. One of many things to consider is how often certain contracts should be reviewed and/or updated. This will obviously vary depending on the nature and scope of each agreement. However, the following is a general guideline as to when to update certain types of contract:

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Contract Security Isn't Just About the Technology

Security and privacy are hot topics in the data world. These words may sound like they mean the same thing, but they actually address slightly different areas with respect to data protection. Although some people may be aware of the distinction, just to be clear, security relates to how data is protected whereas privacy relates to the appropriate use of data. So, data security is focused on things like firewalls, authentication procedures, and encryption, but it is these security measures that enhance data privacy, meaning private information does not fall into the hands of someone who should not have access to it. Thus, it is clear that you cannot really have one without the other. 

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Contract Management and Technology: An Inseparable Duo

If you are a contract manager and your company has not invested in a contract management solution or is using an outdated, bulky, or inefficient system, there is a good chance that you are wasting more than just your valuable time. Failing to use the appropriate technology can stall operations, lead to cost overruns, and plague overall efficiency. These days, effectively managing a contract portfolio requires utilization of a sophisticated contract management solution that facilitates the following:

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How Contract Management Software Will Help Your CFO Sleep Better at Night

CFOs have a lot on their plate. And, contrary to the second word in their official title, they do not just oversee a company's finances. The dynamic nature of business requires leaders in any capacity to understand and make decisions regarding various matters. Fortunately, there are business solutions available that can make the life of a CFO a lot less stressful. Here is why contract management software (CMS) will help CFOs sleep a bit better at night:

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Build Vs. Buy: Contract Management Software

Many companies have both the drive and wherewithal to solve their own problems, and this frequently involves the development of company-specific software to handle various business operations. There is a raging debate - okay, that might be an exaggeration - but there is definitely disagreement as to whether it makes more sense to build needed software solutions in-house or buy them from an outside source. Here are some of the pros and cons of both approaches when it comes to contract management software:

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Is Contract Management Behind The Technology Curve?

With 100+ contract management solutions to choose from, the obvious answer would be, "no, contract management is not behind the technology curve." However, after conducting research at IACCM and interviewing more than 100 companies, data tells us differently:

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5 Spreadsheet Blunders That Will Make you Think Twice

Spreadsheets: we love to hate them. They are used for many business functions and are deemed necessary by companies. They track financials, deliverables, basically anything that has a quantity assigned to it and can be managed with a formula. Unfortunately, spreadsheet data is far from accurate. An article by Forbes estimated that a whopping 90% of spreadsheets have errors in them. Here is a collection of the most serious spreadsheet blunders from articles around the web. Our bet is after reading these; you'll think twice about how you're tracking your data. 

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How To Monitor The Performance Of Executed Contracts

Companies often consider the negotiation and approval of contracts as the complicated and time-consuming aspect of contract management. However, a lot of the real work starts once the deal has closed and all relevant documentation has been executed. Just because everyone has come to an agreement and has formalized the terms in writing, the parties involved cannot simply toss those written documents aside and forget about them.

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Reasons to Reconsider Relying on Spreadsheets for Contract Management

For businesses juggling a lot of relationships, whether client or vendor, relying on spreadsheets may be necessary to keep track of all the moving pieces. Spreadsheets can be used to capture and condense bits of information, such as important dates and contact details. However, when it comes to managing critical company matters, such as those that affect expense budgets, supply lists, key milestones, and so forth, utilizing spreadsheets to monitor this information may not be wise for a number of reasons. In particular, companies that rely on spreadsheets for contract management may want to reconsider this approach for the following reasons.

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