Having a Contract Lifecycle Management (CLM) system in place is only effective if it contains the essential information in an accessible format. The CLM is not an end in itself but a means to an end, in that it can provide the essential information on demand, or triggered by a previously flagged event/activity, but to […]
Reasons to upload your legacy contracts into a CLM Read More »
There is so much of data being produced nowadays that without the help of an automated system the scattered information may not mean anything and cannot be put to good use. Technologies like Artificial Intelligence, Machine Learning, and Data mining are contributing heavily to managing this enormous amount of data. A lot of effort has
Best of Two Words – Artificial Intelligence & Human Intelligence Read More »
Leases are contracts that control the right to use something for consideration, and companies use them to benefit from plant and equipment as well as to provide customer-facing services. With the new FASB rules, how contracts are accounted for has changed, therefore there is a need to identify the essential attributes of your leases so
The FASB clock is ticking – And your leases Read More »
21st-century manufacturing relies on technology and just-in-time delivery to optimize cost control and profitability. Managing the logistics of raw materials and component parts inbound, managing reliability (maintenance) of manufacturing and delivery equipment, and delivering outbound efficiently are all bound up with contracts. Reducing lead times, inventory carrying, production downtime, and wastage are essential functions. Having
How to better administer supply chain in today’s scenario? Read More »
If you use manual search and data entry for essential contract attributes (i.e. the things you need to search on) how do you know you have them all? The answer is in their semantic relationship, which indicates the meaning of words between different phrases, or between the meanings of different sentences. Semantic data extraction seeks
Understanding semantic relationships in your contracts Read More »
Transforming critical contracts from unstructured text including legacy paper contracts demands quality. This means the process of conversion should never be shared between vendors – one entity should take responsibility to ensure a quality outcome. Brightleaf Solutions does exactly this. Brightleaf controls the entire process using its own resources so you get Six Sigma (99.99%)
Achieving unmatched quality results from your contracts Read More »
Getting all your contracts into a Contact Management System means you can manage your contractual obligations and risks. To do this you need reliable information that is both accurate and comprehensive in the database. Any error, such as a different multiplier in a penalty clause, wrong expiry date, or just a missed and not included
When you go into a contract management system, from what point in time do you start entering contracts? Most think from today because legacy contracts are too difficult. But that can expose you to risk and lost opportunity. Every contract is important, especially if it contains opportunity or risk. Older contracts have the same essential
The wisdom of capturing all your legacy contracts, not just those from today forward Read More »
The larger the company, the more the contracts – that is a given. The larger the company, the more the divisions. The larger the company, the more these divisions work in silos. All companies run on contracts – buy side and sell side. How can you organize all the contracts? One way is to put
How to Organize Your Contracts Read More »
The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) intended to improve financial reporting about leasing transactions. The ASU affects all companies and other organizations that lease assets such as real estate, airplanes, and manufacturing equipment. The changes are significant and follow on the heels of similar international guidelines recently announced
It’s been years, but now, finally! Read More »
