Numerous internal and external factors are redefining in-house legal departments. Legal departments are being pushed to deliver more value, more effectively, whether it’s because of mergers and acquisitions, the need to spread personnel across numerous corporate locations and continents, or other factors. A vision of the legal department as a commercial function that generates financial value for the company is replacing the idea that in-house legal teams should operate like internal law firms. The advent of the legal operations team, a business unit that often falls under the legal function and is dedicated to […]
According to a study by World Commerce and Contracting, inadequate contract management costs cause businesses to lose 9% of their entire annual income on average. This 9% is made up of missed opportunities during the contract management process, specifically during the contract renewal phase. For the first year of service, for instance, several organizations offer discounted rates of up to 50% off. You’re certain to take advantage of that rise in revenue at renewal if you have the ideal automatic renewal configuration. Because failing to keep track of important contract dates and terms manually […]
There was a period when we kept a large number of documents in storage units or stacked on shelves. Physical copies of all kinds of documents have rapidly disappeared as digitization sweeps the commercial world for all kinds of documents and contracts. Since the documents were initially written and housed in separate systems, there was no opportunity for organization-wide visibility. However, since the advent of contract management system software, the entire process, from storing to arranging to accessing to reviewing, has been centrally managed, regardless of the location.
Click here to read: 6 Tips to […]
It is necessary to incorporate contract optical character recognition into your contract management system software in order for a digital contract file to be compliant with the operation of your contract management software. If not, your efforts will be to convert an unreadable file into an editable and readable format, which could seem like a simple process. But in truth, this precise procedure adds value because it makes it possible for contract management system software to serve its function. Additionally, a technology-enabled system makes it possible to collect metadata, validate data, classify contracts, and […]