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The 4 Vs of Contract Management: Volume, Variety, Velocity, and Veracity

In today’s fast-paced business environment, contract management has evolved from a mere administrative function to a strategic one. In a previous blog, Contracts: The Ultimate Digital Asset, I explored this tactical to strategic elevation and why companies should reframe the way they see contracts and the lifecycle they move through. As organizations grow and their contracts become more complex, the need for an effective and efficient contract management process becomes crucial. Enter the concept of the 4 Vs of Contract Management: Volume, Variety, Velocity, and Veracity.

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Contract Risk Management: 3 Fundamental Shifts To Improve Your Business Agreements

In the fast-paced world of business, agreements are created every day. These agreements, known as contracts, often involve several different teams and can affect the arrangements, operations, and relationships between each of those parties. Knowing that it’s almost impossible to keep track of each and every contract, the terms within them, and how they will impact your business both in the short and long term, it’s a good idea to have a contract management solution to protect your business from “risky business”. Continue reading “Contract Risk Management: 3 Fundamental Shifts To Improve Your Business Agreements”

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”

Malbek x EDF Renewables: A Seamless CLM Solution for Contracting and Compliance

 

Effective contract management is crucial for organizations to maintain smooth operations and stay ahead of the competition. Malbek’s CLM software helps companies operate more efficiently and collaboratively while minimizing risk, ensuring compliance, and eliminating tedious tasks. By implementing our CLM, customers reported a 50% reduction in contract review time, allowing employees to focus on more important matters, resulting in further company success.

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Maximizing Contract Management: 6 Key Benefits of Integrating CLM Software into Your CRM Platform

The harmonious collaboration between Customer Relationship Management (CRM) systems and Contract Lifecycle Management (CLM) solutions has emerged as a strategic imperative for organizations seeking to optimize their operations and drive unparalleled growth. Here at Malbek, we deliver seamless integrations with various CRM platforms, such as Salesforce, HubSpot, and Microsoft Dynamics 365. Integrating your CLM platform with your CRM allows all relevant field data to live in one place eliminating silos, increasing visibility, and streamlining operations.

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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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Why It’s Important to Have a CLM Solution

Contracts are often seen as the circulatory system of a business. They power so much and – much like a heart – can cause problems when not taken care of properly. So how do you take care of your contracts? With a contract lifecycle management (CLM) solution!

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Ask an Attorney: Wet Signatures vs. eSignatures—Which Is Better?

You’ve likely heard the term wet signature and may have wondered what the heck is a wet signature?

A wet signature is simply a signature using a pen, pencil, or seal on a physical document. For a long time, wet signatures were commonly used to represent a binding contract.

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Taking a Dive Into Contract Management

Contract Lifecycle Management continues to be a fast-growing legal industry sector, but do you know what it is?

This post is intended to provide a brief overview of what this sector is about. In this post, I will:

  1. State a few underlying principles of CLM.
  2. Answer some frequently asked questions about what CLM is.
  3. Provide some additional resources for further review.

Contracts are legal documents and, appropriately, are the domain of the legal function.

Managing contracts, however, is a cross-functional exercise involving several functions including finance, legal, sales, and in larger companies, procurement.

Jason Smith puts it this way:

“There’s a difference between managing the contract lifecycle (the process) and the contract (the document). The contract document is a legal artifact… the process is a business lifecycle. Once you understand this, the cross-functional concept becomes easier to address.”

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