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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5 Key Contract Management & Procurement Terms

Whether you're buying a pack of gum at the grocery store or a software platform for your company, every purchase comes with an implicit or explicit contract. The larger a business grows, the more purchases you'll be making and the more vendors and service providers that you'll need to rely on.

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How Contract Management Can Improve Procurement Management

A well managed procurement process is vital to a company’s operational efficiency and financial integrity. The procurement team must employ a coherent strategy to establish long lasting relationships with vendors and secure high quality goods and services based on reasonable terms and affordable prices. Procurement is inextricably intertwined with contracting, as procurement generally entails the negotiation and drafting of purchasing and supply contracts. As a result, the strength of a company’s contract management strongly influences the results of its procurement management, and vice versa. Here is how the right contract management strategy can improve procurement management:

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Improve Your Business' Procurement Procedures With These 4 Contract Management Metrics

Procurement is a much broader process than evaluating bids and awarding vendor contracts. The procurement team takes a close look at the organization’s needs at all levels, assesses the best suppliers, and continually strives for more cost-effective, value-creating supplier relationships. Contract management insights help procurement officials maximize the results of their work.

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Navigating the Evolving World of Procurement and Contract Management

Saving on the bottom line has long been an important objective for procurement and contract management. As technological advances expand procurement’s analytical capabilities, this department may play an increasingly active role in other aspects of an organization’s growth.

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5 Contract Management Tips for Improving Supply Chain Performance

Establishing a steady supply chain is critical to successful procurement endeavors. Unfortunately, companies often have difficulty getting to this point due to a variety of intrinsic and extrinsic factors. Of course, contracting plays a significant role within the context of a company's procurement efforts, so good contract management is vital to improving supply chain performance. Here are 5 contract management tips for helping make that happen:

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How to Get Stakeholders To Support Your Procurement Efforts

Every company obviously has various stakeholders with varying levels of influence and power from the investors to the board executives to middle management to lower level employees. Given their varying interests and responsibilities, these stakeholders often have different views with respect to what is significant and what is perhaps less important. Procurement professionals have a very discrete skill set and business goals in mind to fulfill their objectives. In many cases, however, those goals and objectives do not always perfectly align with those of the stakeholders within the larger organization. The procurement folks are tasked with establishing workable supply chains while seeking maximal value as they simultaneously try to ensure cost savings. This may run a bit counter to what professionals in other departments are accustomed to worrying about, and when different departments have an incongruent focus this can lead to friction and stall operations. Here is how to get stakeholders to support procurement efforts:

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How Governments Can Solve These Procurement Nightmares

Local, state, and federal governments generally engage in high volume contracting, and thousands of private businesses are the other parties to these agreements. There are often many requirements for a company to qualify to enter into a contract with the government, and strict compliance is usually mandated. Nonetheless, as with many business arrangements, contractual relationships are often fraught with issues, and this can be particularly true with respect to procurement as fulfilling large orders across borders can be quite complicated. Unfortunately, there are certain matters that repeatedly arise. Here are some of the most prevalent procurement nightmares and how to avoid them:

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The Top 5 Contract Management Blogs of 2016

Perhaps it is a bit odd to blog about blogs, but contract management is strong and growing and the many quality blogs addressing this particular area of business operations are ample proof of that. Countless companies across virtually all sectors engage in contracting in some form or fashion, with some industries churning out a high volume of contracts on a regular basis. There are many nuances to contracting and contract management that affect manufacturing to technology and everything in between. For contract management professionals seeking to learn, share, or simply remain abreast of relevant contracting news, here are some of the top contract management blogs that are worth checking out:

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In-House Counsel and Cybersecurity: The Need to Lead

For most companies, the in-house attorneys’ roles and responsibilities are not exactly delineated within a concrete list. Instead, their day-to-day duties, and the areas in which they are involved, tend to expand and shift, depending on the existing needs of the company. Obviously, the in-house team spends quite a bit of time reviewing contracts, crafting both internal and external documents and agreements, and helping the executive board make strategic decisions in a manner that mitigates risk.

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