by admin | Jan 19, 2021 | News
Call it smart work or lack of time; we are utilizing technology for most of our routine tasks. From doing chores to performing tasks at work, technology plays a significant role in our lives. Since we rely on it heavily to save our time and efforts, it’s essential to help it evolve and innovate. Moreover, innovation in technology boosts business productivity and brings us new and better goods and services to improve our overall standard of living. Now that 2021 is here, everybody is curious to know what it has in store for us. Well, that’s exactly what we’re going to do. Instead of coming up with our list of 2021 tech. predictions, we thought we would compile a list of interesting predictions from various sources and give you our opinion. “Cloud’s reign continues” – Entrepreneur Cloud is already an established and widely used technology as it provides improved agility, scalability, and cost efficiencies across industries. 2021, however, is going to make a sudden shift in the working habits and culture much less disruptive making the application of cloud-based services much more obvious. In fact, the cloud computing industry is estimated to grow from USD 371.4 billion in 2020 to a whopping USD 832.1 billion, at an impressive CAGR of 17.5 percent by 2025. However, due to strong competition, cloud service providers will have to focus on enhancing and integrating security, compliance, and privacy into their offerings. “By the time we hit 2022, AI will finally have entered the mainstream” – Marco Casalaina, Salesforce According to IDC, worldwide spending on AI is estimated to double in four years, reaching...
by admin | Nov 30, 2020 | News
Napoleon Hill once said, “Every adversity has within it the seed of equal or greater benefit.” Well, adversity is inevitable in our lives. We may not be able to control what happens outside but are completely responsible for our response/reaction to that. Just like every other year, 2020 also started with hopes and goals, but surprise surprise! It had something else in store for all of us. 2020 arrived with challenges unimaginable, and that, too globally. We struggled with the situations caused due to the global crisis with the ‘pandemic’. But still, in spite of all that, we persevered. We took the challenges head-on by coming together and supporting one another in different ways. Helping hands showered compassion from all directions… This is our way to thank everybody who contributed! A big thank you to all the first responders, specifically our healthcare workers – not only physicians and nurses, but also pharmacists, lab technicians, allied health professionals, administrative staff, and home health aides. We truly have a #LotToBeThankfulFor Our sincere thanks also extends to all our loyal customers, our dedicated employees, all our community leaders, the hardy small business owners and their employees who keep the lights on and us well fed, the policymakers among so many others! We are also thankful for the various researchers, scientists, manufacturers, and so many more… all those who despite immense crisis and misery left no stone unturned to keep humanity alive as well as the economy running. People coming together like this inspires us to strive for excellence and give back to society in every way possible. In fact, the work we...
by admin | Apr 9, 2020 | News
With the spread of global pandemic, it has become increasingly difficult to work from office and even engage in meetings regularly with third parties. Everyone is trapped in their homes and are bound to manage their contracts online. Traditional systems for contract management needs physical presence of contract teams handling paper contracts. But due to the viral outbreak, it is not a feasible option anymore. That’s Why, It is high time to adopt online contract management so that you don’t miss a beat and important deadlines or miss revenue opportunities with paperless contract management, Here are 6 ways on how you can simplify contract management for remote professionals with eContracts. Access Contracts Anytime Anywhere You can easily access and manage all your contracts from your remote locations with just an internet connection Our online contract repository provides a one-stop solution to organize and store all contract related information – documents, data and work across teams, departments and projects, making it efficient to retrieve the information on-demand to keep contracts moving forward. Our 360 degree view of your contractual relationship in a single page record view includes the primary agreement, sub-agreements, supporting documents, key terms, clauses and obligations. Contract types can also been defined with 150+ inbuilt metadata options which serves as the key for contract compliance management, search and reporting. Benefits of Native Integrations Our smart integrations makes it easier to access and navigate across your Contracts with simple Microsoft tools. eContracts wide array of integrations make it a whole lot simpler to manage your contracts online. Microsoft Word syncs up with a standard legal clause library in the...
by admin | Jan 22, 2020 | News
Rule 1: Plan for your Legacy and Existing Contracts For a successful contract management software implementation strategy, it is important to drive user adoption into a new contract software. It is important to communicate the benefits of driving contract migration and how it will help contract teams readily focus on real actions and obligations instead of doing paper-keeping. Due to a longer lifespan, legacy contracts pose a different challenge altogether. Let’s say you missed a renewal deadline, or an early settlement benefit, or a bonus opportunity – all of which were specified in the contract long ago. But it was signed, allowed to rest and long forgotten. Any of these errors compromise the bottom line in business. This is why we feel strategizing contract migration for legacy contracts is of utmost importance. However, strategizing Contract migration for an improved contract management process is not a standalone option. One has to do thorough market research and comprehend all sorts of requirements from the contract software standpoint. Next, understand different solutions available in the market to shortlist the ones, matching your requirements. For example: Understand whether the solution provider only sells a CLM system or they can provide additional support for extraction and migration of contract information from your legacy storage medium into the CLM. “When Legacy Contracts are likely to form? Merger & Acquisition of two organizations Consolidation and Diversification of departments or legal entities Long term Renewal after liquidation or Insolvency of any long-term contractual relationship” Why is it important to import legacy contracts? Eliminating silos for contracts – Single-point storage and repository having centralized data control and access...
by admin | Apr 18, 2012 | News
Contract lifecycle management is a very intricate process that requires attention to detail and a substantial understanding of the risks involved. We like to think of the activity as a combination of two sequential processes – pre-signature contract management and post-signature contract management. Today, we take a closer look at these processes to explain why corporate legal teams should own CLM. Contracts essentially exist to define business relationships between parties and allocate risks between them. During the drafting of a contract, there may occur shortcomings like lack of enforceable contract process controls or use of non-standard contract language, terms and conditions. Miswording or omissions during this stage can later cause major budgetary mishaps or serious conflicts. With their advantage of being able to see the clearer picture, legal professionals are more adept at assessing business risks that are innate to drafting of legal agreements. Negotiations require that the risks inherent to the business relationship are competently addressed during the process. Active involvement of the legal department in such matters help in allocating risks to the contracting parties by inclusion of appropriate clauses for the same. Standard practices of having the final draft of the contract reviewed by the office of the General Counsel stand relevant even today. Contracts should be reviewed periodically to check if any changes are required, or if they should be ceased. Contracts that need to adapt to constantly changing regulations place greater importance on contract governance. The team administering contracts needs to alert the involving parties on any new compliance requirements that arise. Stakeholders need to be involved in the process wherever appropriate. Problem resolution...
by admin | Mar 28, 2012 | News
Artificial intelligence is the latest technological innovation taking place in the contract management world. With artificial intelligence most of the task is automated and the contract data is used in generating bulk opportunities for profit increment, savings etc. The outcome of a research conducted by Accenture says that by 2035, the successful implementation of AI can fetch 38% of the revenue. As per Forrester research $47 billion will increase in profitability by 2020. This would indirectly enhance the complete performance efficiency of the organisation. Technology can cost effectively enhance the productivity. With the involvement of artificial intelligence in contract management the complete user experience will be enhanced as it would ease and explore new areas of scope to build up strategies. Today AI technology is still too young to be effectively used in contract lifecycle management. The recent developments in contract discovery and analytics have shown the potential of AI and raises the bar for what the contract management solutions should accomplish. As the technology develops it is clear that AI can be utilized for not just contract management, but also, in identifying risk involvement, anomalies in contracts and suggestions, task prioritization, third party contracts, auditing and many more areas. Following points show how algorithms use contract data to enable better decision making Data in the Contracts Genetic and statistical algorithms can be used to describe the data in the contracts. This will help in deriving out useful information from a particular type of contract. This will also lead to enhancement in better decision-making. Predictive models By digitizing the complete data including terms and clauses in the contracts, predictive...
