Category: contract management system
CEO Blog 8: What are the best practices for legacy contract migration/data extraction?
Not sure where to start? We’ve curated the best legacy contract migration/data extraction practices to get you started It’s important to cover the best practices, partially covered in the previous blogs. 1. Decide which contracts you want to migrate 2. Decide what data points you want to report on across a set of these legacy contracts 3. Set […]
Read More →CEO Blog 5: I have 300k documents! What do I migrate into a new CLM system?
Again, a frequently asked and pertinent question This is the fifth of a ten-part series on contract migration and related data extraction, which will help your legal teams gain a better understanding of the information included in all of your contracts. The first reaction is that EVERY document and EVERY data point needs to be […]
Read More →CEO Blog 1: What is legacy contract migration?
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 data? […]
Read More →Reduce risk by unleashing contract insights
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 […]
Read More →Busting the myths around investing in a CLM Solution
Transforming contract management process with NLP
Obligation tracking: Stay on top of all your commitments
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 […]
Read More →Why do we manage contracts?
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 […]
Read More →Contract Data Abstraction : 4 Signs to know if you need it
Contract data abstraction means extracting important data points which include clauses, dates, and meta-data from your contracts. Abstracting essential information from your contracts will help you manage and identify existing contractual commitments. Additionally, this will enable you to analyze risks, obligations, and opportunities to avoid potential legal disasters. 80% of corporate legal professionals say that […]
Read More →Capitalize the use of a CLM system post-merger or acquisitions
Once your company is ready to be sold your whole focus is shifted to restructuring a whole new business system. It includes certain activities which need to be taken care of such as what the company is buying and what obligations it is assuming, the nature and extent of the target company’s liabilities, contracts, litigation […]
Read More →Blend of AI with Contract Management System
Artificial Intelligence is fast becoming an essential part of the technology industry, helping solve many challenging problems. AI is the ability to make a computer program or software think smartly and intelligently as humans think. It revolves around the use of algorithms, a set of defined instructions that a mechanical computer can execute. It is […]
Read More →Embrace contract management with cloud technologies
2020 was an extremely challenging year for industries. Everything went virtual, customers have shifted from physical stores to online portals for daily needs, and people meeting, learning, exercising, and even dating have gone virtual. Cloud computing has come a long way in providing organizations with better and more efficient ways to manage their businesses. COVID-19 […]
Read More →Reimagine your business with contract metadata extraction
2021: Get set for a year of more Digital and more Artificial Intelligence
The world has seen many challenges this past year. Covid-19 upended the way we live and work but we are adjusting our actions, making life convenient and safe, and striving for a better world. Many organizations have seen revenue disruptions during COVID-19, and companies faced increased pressure to recapture revenues. Despite all this, Artificial intelligence […]
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