Contract Logix Publishes “An Introduction to Contract Management Software”
New Whitepaper Helps Legal Departments Accelerate Their Digital Transformation
Lowell, MA – Contract Logix – a long-time developer of contract management software – has published a new whitepaper titled An Introduction to Contract Management Software. The whitepaper is an educational primer on contract management digitization and is essential reading for anyone who has a role in drafting, reviewing, approving, or managing contracts. It leverages knowledge and expertise gained during the company’s 12+ years delivering technology solutions to legal and other contract-focused professionals.
In-house legal teams are experts at managing corporate risk. Yet, many actually create greater risk with their contract management processes. Many still manage their organization’s contracts manually, or via a variety of make-shift tools not specifically designed for contract management. These practices not only expose organizations to the legal and financial risk that’s inherent in their contracts, but also to the security risk associated with storing contracts in insecure filing cabinets, hard drives, or shared folders.
An Introduction to Contract Management Software is designed to help in-house legal teams combat this issue. A must-read guide on contract lifecycle management technology, this educational report will provide contract professionals with a baseline of knowledge so they can take action.
According to Gartner’s recent e-book titled Make Legal Digital-Ready, “Only 19% of legal departments are digitally ready, even though being so delivers significant benefits.” Contract Logix own experience confirms this lack of digital preparedness within many legal departments. Not surprisingly, it often plays the “educator” role during early interactions with prospective customers. The Gartner publication goes on to state that “Legal departments that are ‘digital-ready’ — properly prepared and positioned to support digital initiatives — can increase on-time digital project delivery by 63% and increase appropriate legal and compliance risk taking by 46%.”
“Every day we speak with organizations that want to get started in automating the management of their contract lifecycle,” said Rick Ralston, CEO of Contract Logix. “A high percentage of them don’t know where to start, what questions to ask, or how contract management technology functions. So, we identified the areas where legal teams pose the most questions and provided the answers to help fill the knowledge void that exists in the marketplace,” Ralston added.
The whitepaper addresses contract management software’s most important value proposition for legal teams — its ability to identify and help mitigate areas of risk that exist in all contracts. This risk can take many forms, including: missed deadlines or milestones, failure to meet contractual obligations, version-control problems, or using non-compliant contract language.
The whitepaper also helps legal, legal operations, and other related roles come up to speed fast on how digital contract management systems work, covering various topics such as:
- Centralizing Contract Data into a Single, Secure Electronic Repository
- Accessing and Analyzing Contract Data with Search, Reports, and Dashboards
- Automating Workflow and Governance of Contract Creation and Execution Processes
- And Others…
“Over the last decade, we’ve empowered many different organizations to digitally transform their contract management processes. For legal departments still struggling with their own digital-readiness, we hope this whitepaper will help educate them on the steps involved in that process and accelerate the digitization of their functions as well,” Ralston concluded.
Gartner, Inc., Make Legal Digital-Ready, 2018 https://www.gartner.com/en/legal-compliance/trends/make-your-legal-department-digital-ready