The first part of the series covered, what is legacy contract migration and why do I need to do it? Here we will discuss the next/second question that is asked very often too, what attributes do I extract and ingest into a CLM during the legacy contract migration process into a CLM? There is no […]
 To kick off the series, let us first start with the simplest question – What is legacy contract migration and why do I need to do it? You are looking to install a Contract Lifecycle Management (CLM) system to get a handle on your contracts, what good is having a great CLM without any
CEO Blog 1: What is legacy contract migration? Read More »
Companies often struggle to keep all their contracts in a central place with the goal of making them accessible to the appropriate people throughout the company. Oftentimes, new contracts are negotiated, executed, then filed away (and forgotten) in a drawer, or in a file folder on the computer of the business person in charge of
Reduce risk by unleashing contract insights Read More »
Invest in a CLM Solution: You say why? We say why not Every contract can be different and it usually is. Clauses can be expressed differently in different words and acronyms – even misspellings can be there. These details are often scattered among multiple clauses in the same contract. The contract process needs to be
Busting the myths around investing in a CLM Solution Read More »
Legacy contracts contain critical business intelligence; renewal triggers, payment obligations, and negotiated terms that can save or cost your organization millions. But without proper management and migration to modern systems, this value remains locked away and inaccessible. In this guide, we’ll cover some of the very pertinent questions: What is a legacy contract and why
What is a legacy contract and approach to manage Read More »
As per a study by the Institute for Supply Management, a typical Fortune 1000 company manages anywhere between 20,000 to 40,000 active contracts at any given time. Additionally, there are legacy contracts to add to the number. Keeping track of all of these contracts can be a nightmare if done manually. Using Natural language processing
Transforming contract management process with NLP Read More »
What is contract intelligence? Contract intelligence is the process of learning and utilizing knowledge gathered using AI-assisted contract analysis to transform contracts and agreements into valuable business assets. It empowers you to have contract visibility and take actionable insights from your contracts. It not only helps in providing transparency but also in monitoring key performance
Contract Intelligence is the key to greater transparency into your contractual terms Read More »
When people plan a contract management system, their immediate concerns tend to focus on finding their contracts and reporting on standard metadata, including contract owner, contract status, and renewal date. A centralized repository takes care of the first need. Configured reports set up for specific contract metadata address the second need. But beyond standard contract
Obligation tracking: Stay on top of all your commitments Read More »
To continue operating profitably is always the primary focus of any enterprise. In today’s competitive corporate environment, the ability to effectively manage contracts is essential to surviving in the marketplace and achieving success. At different points in our lives, each of us would have or will, without exception, sign a contract. However, have we ever
Why do we manage contracts? Read More »
What is lease abstraction? Before delving into the benefits of lease abstraction, let\’s first clarify its concept. Lease abstraction involves the creation of a concise overview that encapsulates the essential terms and conditions of a lease agreement. This distilled document encompasses critical data points such as commencement and termination dates, rental fees, and options for renewal.
Abstracting essential data points from your lease Read More »
