by admin | Mar 28, 2012 | News
In many organisations, managing contracts is looked at as an additional activity that employees need to do. Contracts, instead, should exist to serve organisations by helping them plan for business proceedings and transactions in the drafting stage and fulfill their duties or obligations towards subjects in the contract in the post-award stage. However, for enterprises, it’s impractical to screen thousands of contracts when there’s real need to act on the critical information that contracts possess. Contract lifecycle management (CLM) systems are designed to help companies store and act on critical information that contracts have. They store metadata and actionable information in a way that prioritizes proactiveness, visibility and organisation. Not only do they allow for a single place to securely store contracts, they assist greatly by facilitating collaboration between different functional teams to ensure integrity and thoroughness of your contracts. Read on to learn about the several ways organizations benefit from an Enterprise CLM. Organizational agility Taking advantage of the cloud, Enterprise CLMs make it possible for contract managers to take their work with them, wherever they go. Apart from being highly scalable, the contract repository has uptimes of 99.9% if services like Azure are used, making them highly reliable for enterprises. CLMs that come with Contract Discovery enable organisations to extract key data from contracts without manual reading. When integrated with CRM and ERP, users are able to obtain customer and counterparty data without changing applications, thus creating a seamless experience. Security to your contracts Enterprise CLMs have built in measures for disaster recovery that ensure security to the organization’s contractual assets. Integration with your organisation’s Active Directory...
by admin | Mar 28, 2012 | News
Contract Discovery in Contract Management Organisations have to deal with huge volumes of contracts and no way to know exactly what obligations, milestones, renewals each one has. This is where “Contract Discovery” comes in to the picture. How will one find out how many of the contracts comes under GDPR jurisdiction? Contract discovery is the answer for this. Searching relevant information kept hidden in the contracts and analysing it for generating revenue for the organisation is the goal of having contract discovery. One of the biggest issue which contract management software users comes across is “searching” through the contracts/documents various drives, repositories etc. Contract discovery is the most wanted features in these aspects today. As to manually search across thousands of contracts for a single metadata or phase or clause is just not possible. This would also decrease the chances of missing out a very important date, milestone etc. Contract discovery cannot be ignored as it will help you find out hidden revenues within the contract to generate opportunities to save them. For example policies saying about pre-renewal benefits cannot be remembered for thousands of contracts, this is resolved in a much more efficient and simpler way using contract discovery and analytics. Benefits of contract discovery & analytics 1. Extracting contract from multiple sources and bringing it to centralized repository Contracts kept at various locations and in various formats, it can be searched through a keyword/phrase. Which can further be moved to one repository for tracking obligations, milestones etc. 2. Extracting essential metadata from contracts The extracted information can be categorised based on clauses, combination of clauses etc. Which...
