Latest Blog Posts and Articles from Contract Logix.
There is no crystal ball that can tell us with 100 percent certainty whether current economic trends will lead to a recession. There’s also no guarantee that any technology, CLM software or otherwise, can recession-proof a business. That said, a modern approach to contract management can help ease some of the burden organizations face through better business process controls and visibility, as well as real-time reporting.
By 2025, it’s predicted that cybersecurity risk will be a key factor for 60% of organizations in third-party transactions and business engagements. This suggests a potential increase in the use of outcome-based security contracts (OBCs). In 2022, over half of contract payers had at least one OBC, indicating a significant shift in how organizations procure and manage security services. This trend reflects a growing interest among stakeholders to tie payments to concrete, measurable outcomes, particularly for new products with limited real-world benefits. This guide explains what OBCs are and how to implement them effectively.
Does your bank still manage its contracts manually? If so, you’re spending a lot of time and money unnecessarily, as well as exposing your institution to risk. Contract management software greatly benefits banking institutions by automating the entire contract management process. It centralizes your contracts, simplifies access to key information, and enhances regulatory compliance. With contract management software for banks, the entire process becomes more efficient as everything is digital.
As investors develop strategies to recoup losses and navigate an economic landscape of continued uncertainty, firms are weeding unnecessary risk out of their portfolios, emphasizing accountability and manageability in investments. For many venture capital firms, contract management is a critical component in de-risking investments and partnerships. This guide explores why venture capital firms should incorporate the use of contract management software into their requirements for portfolio companies.
As investors develop strategies to recoup losses and navigate an economic landscape of continued uncertainty, firms are weeding unnecessary risk out of their portfolios, emphasizing accountability and manageability in investments. For many venture capital firms, contract management is a critical component in de-risking investments and partnerships. This guide explores why venture capital firms should incorporate the use of contract management software into their requirements for portfolio companies.
As investors develop strategies to recoup losses and navigate an economic landscape of continued uncertainty, firms are weeding unnecessary risk out of their portfolios, emphasizing accountability and manageability in investments. For many venture capital firms, contract management is a critical component in de-risking investments and partnerships. This guide explores why venture capital firms should incorporate the use of contract management software into their requirements for portfolio companies.
An efficient contract management process can save organizations valuable time and resources – shaving up to 2% off annual costs with 75-90% fewer payment errors. Implementing an effective process requires streamlining procedures and frameworks for managing contracts throughout their lifecycle. With standardized methods and protocols, you can enhance efficiency and consistency in contract handling, reaping substantial benefits. This guide explains what contract management is and suggests steps you can take to perfect the contract management process in your organization.
Contract management is vital for every organization. Even giants like Uber, Wells Fargo, Volkswagen, and Johnson & Johnson have suffered major public losses due to poor contract management. In fact, research from the World Commerce and Contracting group shows that poor contract management can impact up to 9% of an organization’s bottom line! This guide outlines four ways contract management can help you mitigate legal risk, maximizing your chances for success and profitability.
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