Prioritize- set your priorities, knowing things makes it easier to focus on the right information. Set your score points to quantify the vulnerability of risk and its impact on business. This will set your priorities for business activities, financial activities and other facets. Regulatory alerts – Making a clear summary of what needs to be done; deadlines, […]
Ways to adhere risk management Read More »
We are aware of the GDPR compliance which was implemented for the protection of European citizens. Now comes another act in data privacy – the California Consumer Privacy Act, signed on June 28, 2018, by Governor Jerry Brown. The CCPA\’s intent is to protect California consumers\’ rights so that there is privacy and transparency. It
CCPA compliance – What all to be known Read More »
When clients are dealing with contracts or legacy contracts, NLP/AI technologies can be used to extract salient data points. This data is then loaded into a CLM (Contract Lifecycle Management System). Having good software for the extraction of data is essential, but it is not sufficient if any accuracy is desired. Why is accuracy a
Data extraction from contracts – in-house or outsourcing to a specialized firm Read More »
Spend management, is a process of comprehensively managing, optimizing, and controlling the money spent by organizations. It is the contemporary way of managing supplier relationships and identifying money spent on purchases. Spend management encompasses of procurement, invoicing, outsourcing, and supply chain management. Enterprises have larger routine transactions which require a lot of time and effort.
Spend Management a strategic business activity Read More »
[vc_row][vc_column][vc_column_text]Legacy contracts can be a treasure trove of valuable information for a company. They contain hundreds of important, actionable obligations which need to be tracked and managed. Those are the reasons why migration is so important for every organization and is considered one of the best practices in contract management. Contracts carry an enormous amount
Why and how to migrate your legacy contracts Read More »
Is Brexit really happening? The UK government says ‘Yes’ and it is scheduled to leave at 11 pm UK time on Friday, 29 March 2019. Well, whether it happens or not happens, keep that discussion aside for now. What you might be interested in knowing is, how Brexit impacts certain contractual obligations in your existing contracts?
Brexit: Impact on your contractual obligations Read More »
To realize the benefits which exist after the contract has been signed, it’s necessary to not only understand the terms and provisions contained in your contract but to capture these for ongoing management. When a contract is signed, most organizations do a good job of tracking the contract’s basic operational requirements (e.g. renewal dates), but
Are you getting the accuracy you need from your contract extraction services? Read More »
The term “Migration” is used, sometimes loosely to describe getting contracts out of an existing system, or even file folders, into a CLM system. Contract Migration is the process that takes documents from older systems and puts them into a newer system. Scan – Scan the documents from paper to a file on a computer.
All you need to know about the contract migration process 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 our previous blog, we discussed the importance of analyzing the contract from a legal perspective. Now let’s discuss what are the major types of clauses an analyst comes across while analyzing a contract: Standard clauses – As discussed in the previous blog, it is the boilerplate provision that occurs frequently. They are generally consistent
Comparing and Contrasting Contract Clauses – Overview Read More »
