Beyond Simple Storage: The Imperative Shift to Contract Lifecycle Management

As businesses globally recognize the importance of data-driven decision-making, the way we manage contracts has taken a paramount position. While digital storage solutions like Dropbox, OneDrive, SharePoint, and even simple contract tools have provided a temporary respite from physical storage, the evolving demands of the modern business environment necessitate a move toward more sophisticated solutions like contract lifecycle management. When industry authorities like Gartner and the Association of Corporate Counsel highlight the rise and significance of CLM, organizations should take note.

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6 Components of Contracts: The Essential Elements of Enforcement

Whether you are renewing an existing agreement, entering a lease, or sealing a sales deal, contracts are pivotal in setting the terms and conditions for all parties involved.

You and I have signed all sorts of agreements over the course of our lives. They likely range from agreements for services like home appliance repair or air conditioning repair to things like the purchase of a piece of furniture or a house.

We also likely have experienced times when there has been a failure with one of these services. The telltale home repair that wasn’t fixed as promised or something wasn’t delivered as promised or on time.

What do you do in these situations? Most likely don’t look to the contract for help, but rather talk to the other party to resolve the issue through replacement, coming back to fix something that wasn’t repaired correctly, and the like.

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Strengthening Your Supply Chain: Optimizing Vendor Relationships for Strategic Procurement

As market conditions become increasingly volatile and unpredictable, the ability to move fast and rapidly implement change and innovation has taken on a new urgency. Effective controls must be matched by greater speed – bringing agility to the forefront of functional capability. In the 2023 Global Report on the State of Agility in Procurement & Supply, 88% of respondents in executive management functions agreed that adopting agile procurement is a strategic imperative. In the same study, it ranks the priority of commercial operations. It’s no surprise that the digitalization of both procurement and sales is the number one priority in procurement and supply. Continue reading “Strengthening Your Supply Chain: Optimizing Vendor Relationships for Strategic Procurement”

Managing Outside Counsel Spend: Harnessing Technology, People, and Processes

In recent years, businesses have been facing a significant challenge in managing their outside counsel spend. Legal costs have been on the rise, and understanding the underlying reasons behind this trend is crucial for effective management. Meanwhile, internal budgets have been reduced by over 10% in most cases. Changing the perception of legal as a cost center starts with – you guessed it – managing legal costs. In this blog post, we will explore the factors contributing to the escalating costs of outside counsel and delve into how businesses can address this issue by leveraging technology, optimizing their in-house legal team, and streamlining legal processes.

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Driving Productivity Through Automated Contract Management

It’s no secret that contracts are the lifeblood of businesses, yet managing them can often be a laborious and intricate task given the multitude and variety of agreements that are handled on a daily basis. Automation is here to help make otherwise time-consuming elements of managing the contractual process both more efficient and more consistent and reliable.

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NDA Efficiency: Automate, Configure, and Negotiate to Meet Rising Business Needs

Most businesses handle non-disclosure agreements (NDAs) on a daily basis.

NDAs are legal contracts designed to safeguard confidential information and minimize the risk of unauthorized use. It helps to protect both parties involved and promotes an environment of collaboration and trust. As NDAs often make up the largest number of agreements in a business’s repository, automating and configuring NDAs can save time and effort by streamlining processes. Additionally, agreeing to these custom terms can help ensure mutual understanding and protection. Here we highlight the key areas to automate and configure NDAs to increase efficiency and share some practical tips for negotiating these custom terms. Continue reading “NDA Efficiency: Automate, Configure, and Negotiate to Meet Rising Business Needs”

From Chaos to Cohesion: Integrating Malbek with Slack Transforms Contracting at Every Negotiation Turn

Often, one of the biggest challenges that an enterprise faces when seeing a contract through its lifecycle is that many times the data isn’t streamlined and exists in too many places. When data lives in multiple places that aren’t integrated, it can not only make searching for contacts difficult, but worse, it allows for errors, inconsistencies, and inevitably a breakdown of communication between departments. When a contract is touched upon, and data is collected by various departments in a company, like sales, legal, finance, and procurement, eliminating those risks and increasing efficiency and collaboration are vital to a company’s success. Continue reading “From Chaos to Cohesion: Integrating Malbek with Slack Transforms Contracting at Every Negotiation Turn”