Contract Management Blog Articles

Happy Juneteenth everyone!

It may sound like an anomaly, especially in the midst of The Great Resignation, but research shows that there is a link between having a best friend at work and increased performance and engagement. So, does that mean having two best friends is better?

To get some clarity and cross the contract AI chasm,  we have partnered with World Commerce & Contracting to conduct the first-ever, comprehensive benchmark study on the benefits, barriers, and usage of AI within contract management. In this part of our series "Crossing the Contract AI Chasm", we dive deep into our second trend: contract automation is a priority in most organizations, but there’s still a lack of understanding of what can be achieved beyond efficiency.

June is a month of many milestones for me. It is the month of my birthday, the month of my wedding anniversary, and many others.

There are many steps that businesses have to go through when creating and executing contracts. From negotiating key elements to finalization and renewal, contract management is a central part of dealing with clients, employees, and partners.

As the old saying goes, “What happens in Vegas stays in Vegas”, unless you’re talking about the Corporate Legal Operations Consortium (CLOC) Global Institute 2022, that is. The connections made, topics discussed, and stories shared will stick with all of us as we get back to business this week.

To get some clarity and cross the contract AI chasm,  we have partnered with World Commerce & Contracting to conduct the first-ever, comprehensive benchmark study on the benefits, barriers, and usage of AI within contract management. In this part of our series "Crossing the Contract AI Chasm", we dive deep into our first trend: there are still obstacles to implementing CLM solutions, which limits the application of AI tools.

Our Findings

While some organizations have already turned to digital contract management, many have not.  Over 50% of respondents said no when they were asked if they have implemented a CLM solution. This is more than those who said they had implemented a solution already! However, there is hope. More than half of the respondents who haven't implemented a CLM solution yet said selecting a solution is a top priority in the next 12 months with many stating that planning is already underway.

The legal profession has historically seen itself as unique and exempt from the constraints and concerns that have dominated the business sphere. With the rise of technology and its role increasing in power and influence over how businesses run, the legal profession now is coming around to the idea of not being a cost center and the department of no to a value creator and the department of can do.