Spreadsheet Vs Contract Management Software;  Learn Why the CLM Software Scores Better than Spreadsheets.

Spreadsheet Vs Contract Management Software; Learn Why the CLM Software Scores Better than Spreadsheets.

We all love spreadsheets, don’t we? They are the most basic and the easiest way to create a database. From recording employee details to creating sophisticated, formula-based data, spreadsheets are the most popular choice for organizations of varied verticals. However, how relevant and useful is a spreadsheet in 2021? Is recording information in a spreadsheet better than using proprietary technology? Even today, several organizations use the spreadsheet to record crucial information, although they are creeping towards their obsolescence. Especially, when it comes to contracts, using a spreadsheet tends to invite adverse consequences due to its archaic nature and the lack […]

Here’s Why You Need to Embrace Contract Management Software ASAP

Here’s Why You Need to Embrace Contract Management Software ASAP

We’ve stepped into another decade, where technology has occupied every aspect of our living. It has become more important than ever to integrate businesses processes with the available technology to enhance productivity and increase yield. When it comes to contract management, we saw a phenomenal change in the last decade, where robust contract lifecycle management tools have redefined the domain activities. Many businesses of varying scales began to evaluate the pros and cons of such systems. If you’re a business owner looking for an agile software in revamping your contract-related activities, this article is for you. Learn why it is […]

Best Practices in Managing Contract Amendments

Best Practices in Managing Contract Amendments

During a contract’s lifecycle, changes or amendments are an imminent part, which requires proper management and monitoring. The reasons for the changes are wide and varied. A few notable causes that call for changes in contracts include price fluctuations, changes in demand patterns and unforeseen circumstances that require mandatory amendments. Whatever the changes might be, the contract manager must record the developments to ensure seamless business functioning. In this digital era, it is simpler than ever to accommodate changes. Contract management software helps to track those changes efficiently and help the team stay abreast of the contract developments.

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Maximize Contract Productivity with eSignature Feature

Maximize Contract Productivity with eSignature Feature

We live in a digital era, where every activity is automated or semi-automated, thereby increasing the productivity of the general workforce. In the past few decades, we saw phenomenal growth in the industrial and business sector, where software has simplified the activities to a great extent. When it comes to contracts, the advent of the robust contract management software system has redefined how the contracts are managed, monitored, and executed. One of the outstanding features that are responsible for the seamless functioning of contract management software is the facility to incorporate the eSignature feature.

But, What is […]

Top 12 Most Important Job Functions for a Procurement Department

Top 12 Most Important Job Functions for a Procurement Department

One of the crucial activities in an organization is the procurement department function which must be conducted effectively and efficiently. Companies are beginning to understand the potential that their supply chains and procurement divisions contribute to their profitability. Effective procurement department helps to streamline processes, reduce raw material prices and costs and identify better sources of supply, thus improving organizational efficiency.

Report from Florida-based Hackett Group says through the deployment of digital tools, procurement organizations can reduce operational costs by up to 45%, achieving efficiency levels while at the same time enabling them to improve effectiveness and customer experience.

Hence, procurement has […]

Why Contract Management Is Important To Your Business

Why Contract Management Is Important To Your Business

What is contract management?

Contract management or contract organization is the administration of agreements made with clients, sellers, partners, or workers. The workforce associated with contract organization required to arrange, bolster and oversee powerful contracts are regularly costly to prepare and hold. Contract management incorporates arranging the terms and conditions in contracts and guaranteeing consistency with the terms and conditions and additionally archiving and conceding to any progressions or corrections that may emerge amid its usage or execution. It very well may be abridged as the procedure of methodically and proficiently overseeing contract creation, execution, and examination to maximize monetary and […]

6 Factors to evaluate the right contract management software for the legal counsels & teams

Contract management software, sometimes also mentioned as contract administration, refers to the processes and procedures that companies may implement in order to manage the negotiation, execution, performance, modification, and termination of contracts with various parties including customers, vendors, distributors, contractors, and employees.

Contracting is one of the most crucial activities in determining the success of any business arrangement, and shall not be considered as the jobs to be done by the lawyers only. There are multiple stakeholders involved in completing any contract.
This article, mainly targeted for the legal counsels as well as the internal/external legal teams.

Here are the six key factors […]

Five priorities for the corporate law firm’s technology innovation team

Contract Management Software as per the Global Deloitte CIO survey 2016-17. More than half of CIOs see innovation as a key priority. But they also feel that Managing Partners / CEOs are so risk-averse. They are unable to get the money to fund the innovation.

Many international firms today have dedicated ‘Innovation Teams’ that are tasked with looking at new technologies and provide innovative strategies for the legal firms’ future.

Legal tech applications range from expediting document searches to helping predict the outcome of lawsuits. To managing complex cross-border M&A transactions through the deployment of project management tools and software. Furthermore, companies […]