A contract review is a crucial step in the contract management process.
Before signing a contract, a contract review allows a full check of its clauses to avoid an unwary acceptance and the risk of committing to obligations that can’t be fulfilled.
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Sustainability is one of the defining issues of our age. Companies are overhauling the way they source, create and distribute products to achieve and promote supply chain and social responsibility.
Sustainability affects everything a company does, including how it works with its suppliers. But too many supply chain managers employ a “take-make-waste” mentality. As a result, supply chains around the globe remain fraught with inefficiencies due to wasteful use of assets. But there’s a solution at our fingertips: blockchain.
Blockchain can transition supply chain management to a sharing economy where people and companies reduce waste and decouple growth from the consumption of finite resources — thus becoming more sustainable and profitable at the same time.
Reading time: 4 minutes.
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Companies with intensive CLM activity regularly oversee agreements between their organization and other parties. As such, they need to measure results on an ongoing basis. For this reason, they depend on contract management KPIs to align goals, develop the right metrics, and watch the CLM closely. However, these indicators need to be smart and consistent to keep in check those that are relevant to your operations.
To improve your company’s profitability and performance, there are 5 KPIs to measure for a successful CLM
Ask anyone in the business world about their pain points and you’ll likely hear: sales and signatory management. Updating, monitoring, and managing lists is currently a time-consuming, inefficient, and error-prone activity for suppliers and buyers alike. At the same time, the painstaking process of proper signatory management is essential for establishing and maintaining business relationships, not to mention for ensuring compliance.
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Contracts are the lifeline of modern business. Without them, there wouldn’t be company partnerships, employment opportunities, or the exchange of goods and services. We already know that contracts play such a critical role in business but Contract lifecycle management (CLM) is the glue that holds the whole process in place.
It is thanks to CLM platforms and systems that you are able to optimize the process without losing sight of what’s important for your company’s growth.
In this article we will examine the ins and outs of Contract lifecycle management.
The business world has deep roots in technical innovation – a rich tradition that now translates into blockchain adoption and the implementation of smart contracts. From a legal operations perspective, success is supported by adopting legal tech in a company. Corporate legal counsels are able to perform at great speeds. They are able to pay close attention to a great many details.
Nevertheless, companies required a significant change to their legal operations. Or to put it differently – the right cost of legal tech is crucial to improving operations. As legal teams become overwhelmed, stressed and understaffed, automating outdated manual processes for contract drafting and contract management is the first step.
So how do you increase productivity and efficiency for your legal teams via smart contracts?
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Do you have a talent-attraction strategy yet? Are you ready for future jobs that haven’t been invented yet? To attract talent, you have to be an employer brand, namely the much sought-after smart company that every smart person wants to join. In other words, you have to be the digital leader they are looking for! Therefore, you need to start by attracting talents with fast contract onboarding.
But how to be a digital leader? Let’s find out together.
Reading time: 3 minutes. Photo by bruce mars on Unsplash.
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