Contract life cycle management systems (CLM) allow users to centralize contract storage and management, plus aid in the creation of new ones that fully comply with the company’s policies and requirements. This breed of systems provides all of the features of a CMS but adds workflows to request, author, negotiate, approve, present, execute, manage obligations, […]
For a small organization with a quantum of 10-50 contracts, it is quite feasible to go back to their contracts and review their time and now, but as the volume and complexity increase, it becomes difficult to manage these contracts without the assistance of some kind of contract management tool. It can be a simple
An arduous step overlooked when initiating a CLM implementation Read More »
If your organization has hundreds and thousands of contracts flooded around you, I am sure you would miss tracking at least one key obligation out of 100 contracts. This can be due to a lack of reporting abilities in your in-house contract repository system or you never extracted the key elements from your legacy and
Why do you track “Term” from your contracts? Read More »
In the last few years, all industries have been benefiting from an increase in automation, from robotics to software and Artificial Intelligence (AI) solutions to automated processes and tasks. According to different estimations, in the next decade, Artificial Intelligence is thought to replace 16% of jobs. Technologists are busy in their labs innovating advanced versions
Automation is changing “nice to have” into “must have” requirement Read More »
In today’s fast-paced business environment, legal and compliance teams are under increasing pressure to manage contracts efficiently, ensure compliance, and mitigate risk — all while staying within budget. Traditional methods of contract abstraction and management are often too time-consuming, error-prone, or cost-prohibitive. Fortunately, automation is transforming the way companies handle contracts, making both contract management
Automated Contract Abstraction and Management Benefits Read More »
The extremely large amount of complex data set which is difficult to process by traditional systems is called big data. This data is being produced constantly every second and minute of life. Capturing, storing, and analyzing this data is usually the biggest challenge that companies are facing these days. Managing this complex and massive data
3 V’s of Big Data Read More »
To gain increased and immediate benefit from contract management systems, it is important to extract and load metadata from legacy agreements. But many find that process costly, complicated, and time-consuming. So what is the best answer? \”Join Brightleaf and IACCM\’s joint webinar on Overcoming the challenge of legacy agreements\”  Click here to register Date: September 20,
Challenges in migrating legacy agreements into a CLM system Read More »
The old way of capturing essential data attributes from legal documents has been transcended, thanks to technology. we hear about Artificial Intelligence (AI), we hear about Machine Learning software systems and other new technologies for data extraction from contracts. But when we dig into the details, the accuracy of abstraction is not to the standard
Can software alone be the answer for your contract abstraction needs? Read More »
Contracts within an organization run like blood in a human body, they dictate every aspect of key business strategies and relationships. Poor contract management can hamper the success of your business and can lead to severe negative consequences. Here are some of the reasons why you need an effective contract management process: Knowing your obligations
Track and manage your contracts Read More »
Contract review means critically analyzing the information present in a contract. This information when migrated into a CLM can actually cause a lot of trouble if not properly vetted or clarified. Most of the software solutions run on predefined algorithms and at times fail to recognize errors that might have occurred a) at the time
Do you check every element, or does “Review” mean spot-checking for you? Read More »
