Contract lifecycle management Archives

No-code platforms are drivers of innovation in contract automation

on February 20, 2023

Companies rely primarily on IT professionals to write the scripts needed to keep operations running smoothly.
What happens if there is a shortage of staff?
This issue can leave many organisations with interrupted or malfunctioning processes due to a lack of adequate staff and proprietary knowledge to solve the problem at the source.

The introduction of no-code automation platform resolves these problems, empowering teams of any skill level to manage IT operations seamlessly.

Reading time: 3 min

How to setup Contract lifecycle management

on December 14, 2022

The adequate management of contracts is essential for the smooth running of any company. But contracts are too important to be processed and stored manually. This is why lots of companies are now going digital. In recent years, Contract lifecycle management software has transformed how businesses manage their contracts. Now, we’re looking towards the next step in contract digitalization. Today, we look into how to set up Contract lifecycle management (CLM) with the help of Smart contracts.

Reading time: 4 minutes.

5 Fricrtion points that are killing your contracts

Eliminating friction points in contracting

on September 20, 2022

If you are following blockchain & bitcoin news closely, you must have noticed something about many billion-dollar companies, as well as Fortune 500 enterprises. They have officially jumped onto the blockchain bandwagon and are working around the technology.

There is a simple reason for this.

Reading time: 3 minutes

Managing the uncertainty in contracts with a shared approach

Managing uncertainty in contracts with a shared approach

on May 17, 2022

Most of our actions and decisions involve others, inside and outside any organisation. The best solutions come from working together and the pandemic caused many people to appreciate the extent of our interdependency. Establishing a win-win collaboration framework would increase communication and clarity within a network and with suppliers.

Developing a solution together, based on shared input and mutual respect, generates a collaborative environment that simplifies coordinating and reconciling multiple opinions. Different groups and functions typically reflect different interests, and rarely organisations speak with one voice.

Monitoring contracts execution and why it is important

Monitoring contract execution and why it is important

on April 28, 2022

The contract execution process seems fairly straight-forward. As it is the last stage of the contract management process, many businesses fall into the pitfall of not actively monitoring contract execution. But there is plenty that could go wrong.

Staying on top of implementing the terms of a contract is usually far more important for its success. For all companies, it is crucial to learn how to monitor the execution of your contracts, and in this article, we want to explain to you why it is important.

How to manage cost of compliance in 2021

How to restrain cost of compliance in 2022

on January 17, 2022

When two years ago Thomson Reuters Regulatory Intelligence asked financial-services firms which was the greatest compliance challenge they expected to face in 2020, most of them answered “keeping up with regulatory change”.

Compliance became a thing soon after the 2008 financial crisis, and regulations have been changed many times since then. Thus, companies have been struggling to allocate the budget appropriately to face the increasing cost of compliance.

What is the next step?

Reading time: 4 minutes.

How to accelerate Contract Legal Approval workflow with Trakti

on December 20, 2021

Managing and overseeing contract execution can be difficult, stressful, and time-consuming. Manual contract risk assessment can cost organisations money and time. It can also lead to costly and potentially disastrous instances of contract management.

Contract lifecycle management