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Newsletter Archive
2018

How GDPR Affects International Data Transfers

You know it’s been coming for a long time. On January 1, 2019, the new lease accounting standards from the Financial Accounting Standards Board (FASB) will take place for public companies (2020 for private companies). On that date standards regarding operating leases with terms greater than one year will go into effect. While it may seem that day is still far away, the reality is that implementing the new processes will take time and plenty of preparation.

The Dangers of Smart Contracts

You know it’s been coming for a long time. On January 1, 2019, the new lease accounting standards from the Financial Accounting Standards Board (FASB) will take place for public companies (2020 for private companies). On that date standards regarding operating leases with terms greater than one year will go into effect. While it may seem that day is still far away, the reality is that implementing the new processes will take time and plenty of preparation.

How Contract Management Software Helps with New FASB Lease Accounting Standards

You know it’s been coming for a long time. On January 1, 2019, the new lease accounting standards from the Financial Accounting Standards Board (FASB) will take place for public companies (2020 for private companies). On that date standards regarding operating leases with terms greater than one year will go into effect. While it may seem that day is still far away, the reality is that implementing the new processes will take time and plenty of preparation.

Applying Technology to Reduce Contracting Costs & Risks

A problem for businesses that handle a large number of contracts is that the approved standard contractual language is often modified. Deviations from pre-approved conditions such as terms of warranties and indemnities can create costly problems when contracts are approved without prior knowledge of these modifications. Let’s look at how contract management software can help avoid these problems.

5 Contract Management Best Practices in Asset Services

Property managers serve all types of real estate on behalf of corporate, institutional, and private clients. While these specialists may have a comprehensive understanding of the owner’s perspective and local dynamics, these specialists often rely on contract templates without carefully looking at the clauses specified in it. Let’s review five best contract management practices for professionals in the asset services industry.

Contract Management Efficiency: Make The Most of Your Time & Money

Enterprises that have focused on simplifying and digitizing their contractual documentation systems have reaped significant benefits by freeing up time that had previously been spent on contract management processes. Here is a review of why you should consider Contract Lifecycle Management (CLM) software.

CLM Software: Filtering Out the Noise in Contract Data Management

Contracts can produce an incredible amount of data. From confidentiality agreements to requests for proposals to execution agreements, the amount of contract data available to those who work with contracts can feel overwhelming at times. Let’s review how to filter through that data to uncover insights that are truly meaningful to your organization.

7 Keys to Successfully Onboarding Contract Management Automation

In their simplest form, there are really three components to the onboarding of contract management software: configuring the software, migrating your existing electronic data and documents, and teaching your end-user community how to use the solution. Let’s review 7 keys to look for in a solution to ensure that you maximize its adoption.

4 Best Practices for First-Time Implementation of CLM Software

The reality is that while contract management professionals understand the benefits of adopting contract management software, nearly 1 in 4 of them don’t know what to look for in a CLM solution. Let’s review 4 best practices for first-time due diligence and implementation of CLM software.

2017

5 Ways CLM Software Improves Contract Management Processes

Contract Lifecycle Management (CLM) software has transformed the way that individuals responsible for contract management handle their processes. Among the benefits of contract management software are shortened sales cycles and more accurate contract data. Let’s take a closer looks at specific ways CLM software improves contract management processes to achieve those benefits.

How Centralizing Your Contracts Makes Contract Management Processes More Efficient

It happens more often than you think. A salesperson is traveling and a sales opportunity presents itself. The salesperson needs a specific contract template to start formalizing the new business opportunity.
The salesperson usually receives a copy of the latest contract agreement by emailing procurement, but that staff member is out of the office for the next week. He locates an email with a contract template that procurement sent him two weeks ago for another client and decides to use that version. Let’s review what challenges are created by this decision and the benefits provided by centralizing your agreements.

Contract Templates: 5 Advantages They Provide

Once you’ve taken the first step toward efficient contract management by centralizing your agreements, you can then begin to create libraries of pre-approved contract clauses and templates to further take control of your processes and begin to streamline the overall contract lifecycle. Let’s look at 5 key advantages of using a centralized library of pre-approved contract language, and contract formats.

Managing Risk in Government Contracting

With the Department of Defense, Department of Energy, Health and Human Services, and Department of Veteran Affairs awarding a combined $276.5 billion in government contracts in 2015, U.S. federal government procurement is a major driver of the U.S. economy. Let’s review some key considerations in risk management for enterprises currently assigned or currently bidding for a government contract.

What Contract Managers Can Learn from the FAA Privatization Proposal

Contributing an estimated $1.5 trillion, the U.S. aviation system is an important driver of the U.S. economy. But the importance of the aviation industry goes beyond the dollar.  Every day about 70,000 flights take place in U.S. airspace, serving more than 928 million passengers in 2016 alone. Let’s look at some of the reasons the FAA is so inefficient.

How CLM Software Supports Manufacturing Enterprises

In the manufacturing industry, the inability to extract key data from contracts for tracking and reporting purposes is the most frequently cited challenge among those individuals responsible for contract management processes. Let’s review 3 ways in which improvements in CLM software now allow contract managers in the manufacturing industry to make better decisions.

How CLM Software Helps Enterprises Secure Financing

Cash is the lifeblood of businesses of all sizes. Without access to a healthy cash reserve or an operating capital line of credit, an enterprise could be hit with a major cash crunch or, even worse, miss out on several business opportunities. Let’s look at how cntract lifecycle management software helps business secure much-needed financing.

5 Ways CLM Software Improves Scheduling of Contract Management Processes

When analyzing areas of opportunity within contract management processes across your enterprise, lack of data can lead you into false analysis. In an April 2017 blog post on the IACCM’s Contracting Excellence Journal, Craig Conte, VP, Head of Contract Compliance & Optimization (CCO) at Capgemini. provides a great example. Here are 5 ways in which CLM software streamlines scheduling of contract management processes.

How Contract Managers Can Support Business Development

Contract managers can sometimes get so busy with day-to-day operations that the renewal dates for existing contracts just seem to sneak up on them. Sometimes it even appears that those contract renewal dates pile up during the busiest of periods. While business development may seem at first look to be an assignment strictly for members of the marketing and sales departments, the reality is that contract managers can provide essential support and streamline the entire process. Let’s review how contract managers can achieve this.

4 Considerations in Contract Management When Working Abroad

For any enterprise pursuing international work, no area is more important than the formal agreement between the enterprise and its client. To help you make the leap across borders, let’s review key considerations in contract management when working abroad.

Why Mediation Can Be a Viable Alternative to Litigation

While many business owners often feel that going through the court system is the only way to arrive to a resolution, the reality is that mediation stands as a time-saving, private, and less contentious alternative. Let’s review some reasons why your enterprise should take a second look at mediation to solve business disputes.

Why Remote Access to Contract Data is Key

In a survey of 550 U.S. individuals who are responsible for the creation, editing, and/or management of contracts at manufacturing companies, nearly one in four respondents either doesn’t know contract management software exists, or doesn’t know what to look for in a CLM solution. To help you evaluate CLM software, let’s review why remote access to your contract data is one of the key features to look for in a contract management solution.

4 More Challenges in Contract Management in the Business Services Industry

Through a survey of 264 U.S. individuals responsible management of contracts at companies with at least $5 million in annual revenue, we were able to get a comprehensive view into the state of contract management in the business services industry. In a previous article, we reviewed five challenges in contract management in the business services industry. In this article, we’ll take a look at four additional challenges frequently cited within the business services industry.

5 Reasons to Use Forms for In-Take of Contract Data

Email is among the top two alternatives to CLM software used by enterprises across several industries. In the manufacturing industry, 79.64% of respondents to a Contract Logix survey indicated that they used email for contract management processes. While email is indeed a useful way to gather contract data from clients and third parties, it can leave your enterprise exposed to risk. Let’s review a couple of reasons why is important to use forms for data in-take.

Contract Management Challenges in the Business Services Industry

To take a closer look at the contract management needs of companies with at least $5 million in annual revenue within this sector, we surveyed 264 U.S. individuals who are responsible for the creation, editing, and/or management of contracts at business services companies. Let’s review what are the most pressing contract management challenges in the business services industry.

3 Most Common Obstacles to Contract Management Software Adoption in Manufacturing Industry – And How To Address Them

If you’re a contract manager who would like to spearhead an initiative to adopt CLM software in your manufacturing company, here you’ll find a useful set of common obstacles within your industry. Let’s review the three most common obstacles provided by Contract Logix’ survey respondents – and how to address those obstacles to increase the chances of success.

4 Challenges in Contract Management at Manufacturing Companies

To learn what are the most pressing issues in contract management in the manufacturing industry, we surveyed 550 U.S. individuals who are responsible for the creation, editing, and/or management of contracts at manufacturing companies. Let’s review what are the most pressing contract management challenges in the manufacturing industry.

4 Contract Management Lessons from President’s Immigration Ban

On Friday January 27, 2017, President Trump issued an executive order suspending the entry of all refugees to the U.S. for 120 days, halting admission of refugees from Syria indefinitely, and barring entry for three months to residents from predominantly Muslim countries of Iraq, Syria, Iran, Sudan, Libya, Somalia, and Yemen. Let’s review some key takeaways in contract management from ongoing developments on U.S. immigration policy.

3 Ways Contract Management Increases Security of Your Contracts

As your enterprise leverages the Internet, laptops, and mobile devices to operate faster and meet the pressing of your clientele, your enterprise is also exposing itself to a wider range of potential attacks from malicious hackers and corporate spies. This is why increasing the security of your processes should be among your contract management resolutions for 2017. To put your enterprise on track towards this objective, let’s review three ways contract management increases the security of your contracts.

6 Strategies to Avoid and Manage a “Cash Crunch”

Not receiving a check on time causes a wide range of problems that range from the mild, such as tapping into an existing line of credit to bridge short-term cash needs, to the very severe, such as having to stop operations due to a complete lack of funding. Let’s review some key strategies to avoid and manage a cash crunch.

5 Contract Management Resolutions for 2017

2017 is now here and provides a great opportunity to set strategies that will energize and streamline your contract management processes. From establishing customer empathy to improving the on-boarding practices of new contract managers, let’s review five initiatives that you could use in your enterprise in 2017.

5 Best Practices for Localizing Your Contracts

As organizations expand beyond their state borders, new business opportunities appear and so does the need to take a second look at your contract templates and clauses. While a standard contract approved two years ago may still serve you well in the same state that your enterprise started in, the same template may not suitable for other jurisdictions. Let’s review some key areas to which you need to pay attention to when localizing your contracts.

2016

5 Ways CLM Software Helps with Scheduling of Contract Processes

If you don’t know when contract processes are supposed to happen, they probably won’t happen! One of the main drawbacks of using isolated or paper-based contract management systems is the lack of visibility of the CLM process as a whole, and that’s just the beginning. Let’s review the many ways in which CLM software helps your enterprise with scheduling of contract relationships.

CLM Software Myths Debunked

Among the top contract management myths to overcome is a misunderstanding of what a CLM software truly does. Whether your enterprise is considering the implementation of a CLM software or have one already up and running, help your contract management team overcome the following CLM software myths…

5 Strategies to Drive User Adoption of CLM Software

To get a better hold on the hundreds, thousands, or even tens of thousands of contracts that your enterprise handles, your team may have attempted a contract management solution in the past. Despite a significant investment, the contract managers in your organization ended up not adopting the software for a wide variety of reasons, including a steep learning curve, lack of relevance to current processes, and confusing terminology. Let’s review five strategies to drive user adoption of CLM software across your enterprise.

Six Steps to Define Requirements for a CLM Software Purchase

Once a team of contract managers goes over the list of benefits of adopting a CLM software, they generally arrive to the conclusion that it’s possible to significantly decrease the amount of time and resources needed to manage all contract processes across an enterprise. To help you jumpstart the review process, let’s review six key steps in defining requirements for your CLM software purchase.

3 Lessons from December 2016 Effects from the Fair Labor Standards Act

In 2014, President Obama signed a Presidential Memorandum to update regulations setting standards on minimum wage and overtime. Two years later, the Fair Labor Standards Act (FLSA) is ready to become effective on December 1, 2016, setting the minimum pay for salaried federal employees at $47,476, more than doubling the current threshold of $23,600. Millions of Americans, including owners and managers of companies and nonprofits, will be affected by these updated policies. Let’s review the three key lessons from the effects of the FLSA starting December 2016.

5 More KPIs for Evaluating Your Contract Management Processes

Given the wealth of available data from an enterprise’s contract management processes, it’s no surprise that many key performance indicators are available to evaluate the performance of an enterprise across several industries. Here’s a list of five additional KPIs to supplement this list of 6 KPIs for evaluating your contract management processes.

Six KPIs for Evaluating your Contract Management Processes

In the field of contract management, working with dates and numbers provides contract managers an advantage because that data allows them to track processes and make adjustments based on that data. However, it’s just not a matter of picking every possible statistic. Let’s review six key performance indicators that will allow your enterprise to establish benchmarks for objective performance of contract management processes.

Four Contract Management Lessons from the Wells Fargo Scandal

This fine for the illegal practice of secretly opening unauthorized accounts is on top of the millions that Wells Fargo must repay to fraud victims (at least $2.5 million) and fines from other government agencies. Let’s review four lessons in contract management from the Wells Fargo Scandal.

Seven Ways CLM Software Develops the Best Traits of a Contract Manager

Just as the role of the senior level contract manager is changing, the role of junior and mid-level contract managers is changing as well. Finding, developing, and retaining high-quality contract managers is a challenge for all enterprises. One way to facilitate this process is to leverage CLM software that develops the best traits of contract managers as defined by most clients. Let’s review seven ways CLM software contributes to bring out the best contract management traits.

Six Tips for Making Project Estimates More Accurate

It happens much more often than any contract manager would like to confess. A potential client requests an estimate of how long it would take to complete an X project and what would be the total cost. Without hesitation, the contract manager provides a range of values. Let’s look at six ways to make project estimate more accurate.

Four Contract Management Lessons from Canada’s Air-Traffic Control System

NAV CANADA is the world’s second largest air-traffic control agency and has been praised around the world for its paper-less technology that results in shorter flights and smaller fuel uses. Let’s review some of the key lessons that contract management professionals can learn from the implementation of a digital air-traffic control system north of the border.

What Contract Managers Can Learn from the Hanjin Shipping Bankruptcy

As the saga resulting from the Hanjin Shipping bankruptcy continues to unravel, take proactive steps to establish policies for your contract managers to deliver outstanding customer service for customers in distress, review and update existing clauses to hedge against extreme price variations, and review and localize best efforts clauses.

How to Improve the Security of your Contract Management Processes

While only major data breaches from publicly traded companies and major corporations may make the news, there are still plenty of attacks on small, medium, and large enterprises on a daily basis. Your best plan of prevention is to educate your employees on best practices both online and offline. Let’s review three ways to improve the security of your contract management processes.

How CLM Software Makes Contract Processes More Proactive

Here are four ways in which a CLM solution can make your contract processes more proactive. While industry research has found that companies with CLM solutions can save an estimated 20% or more per year on contracts, Goldman Sachs reports that some companies with CLM solutions are able to reduce annual contract management expenses by up to 50%.

Top 5 Tips for Implementing E-Signature Software

Within the field of contract management, electronic signature software is a powerful digital tool that many enterprises within the field still haven’t adopted. Let’s review a couple of tips to make the implementation of e-signature more agile and streamlined for your enterprise.

Top 7 Key Features to Look for in a CLM Solution

You’ve finally proven your case to the appropriate decision makers and given the green light in implementing the software in your enterprise. Now it’s the moment to truly demonstrate the ability of contract software to reduce the error rate across contracts and provide a company-wide data repository in real time. To help you choose the right CLM software, here is a checklist of key seven features to look for.

Client Management: How to Handle Three Difficult Scenarios

The most common excuse for poor contract performance is to blame the client. Instead of reacting to issues as they arise, contract managers should be on the lookout for certain red flags for potential conflicts and act proactively to deliver outstanding service. Here are three difficult client management scenarios and how to manage them.

Are You Committing These 4 Contract Management Sins?

While it’s true that as projects grow more complex, claims and disputes would also be on the rise; it’s also true that there are plenty of opportunities to redress the balance. One of the key ways to resolve issues is to act proactively and promote a culture that aims to minimize future issues. Taking a cue from the idea of the seven deadly sins (also known as cardinal sins), here are four contract management sins that establish a useful framework on how to streamline contract management processes.

Maintaining Healthcare Regulatory Compliance with CLM Software

Cybersecurity inquiries from the FDA have revealed severe vulnerabilities in medical devices that allow malicious hackers get access to patient data. Healthcare organizations can learn from those vulnerabilities and take proactive steps to improve their CLM compliance through contract management software.

How Contract Management Systems Rev Up Contract Negotiations

With increasingly more businesses choosing to use contract management software, service providers have anticipated the needs of enterprises and included electronic software solutions in the package. Here is how a contract management software solution embedding an electronic signature solution, can rev up your contract management processes

The Role of Interpreters in Cross-Cultural Negotiation

In another post at the CLM Blog, we discussed five tips to improve cross-cultural negotiation based on best practices from a professor at the INSEAD School of Business. In this article, we will explore the important role of interpreters in negotiations that require the services of an interpreter and what are some important points to consider when requesting the services of an interpreter.

Frontier Markets: Managing Contract Risk in High-Growth Markets

To compensate for the slowdown in emerging markets, many investors are looking for investments and business opportunities in frontier markets. In this article, we will analyze what is the appeal of frontier markets for enterprises and what steps can enterprises take to manage the inherent higher risk of these regions.

Expedite Contract Execution with Electronic Signature Software

To compensate for the slowdown in emerging markets, many investors are looking for investments and business opportunities in frontier markets. In this article, we will analyze what is the appeal of frontier markets for enterprises and what steps can enterprises take to manage the inherent higher risk of these regions.

4 Benefits of Contract Management Software

The IACCM indicates that the appropriate use of the right contract technology results in efficiency and strength in performance oversight. Here are four benefits of the use of contract management software.

How Contract Management Software Saves Time

Some contract managers wished they had extra time to prepare compliance reports or review the latest contract version. By using a contract management software, your team can finally get a hold on that much needed extra time. Here are six ways that contract management software streamlines your processes.

Case Study: Keeping Track of the Fine Print with Contract Management Software

Upon their founding most companies are without the benefit of contract management software because they believe that it is not a necessary investment. The reality could not be further away from the truth. Here is a brief business case study on the importance of keeping track of the fine print of your contracts with a contract management software solution.

Strengthening Your Contract Management Resume Within Your Enterprise

The more trust that your clients have in you, the more able that you are to thrive in your profession. It is critical to have a stable and strong backing from a well-established enterprise that offers a full range of products and services. Still, having a strong partner can only get you so far. Here are four strategies to further strengthen your contract management resume.

The Role of Marketing Research in Contract Management

The central role of marketing research in contract management is to understand the relationship between your clients and your company – and then being able to articulate that relationship in a way that makes current and potential clients want to work with your enterprise. With that primary purpose in mind, it’s imperative to hear the voice of your clients. Let’s examine the role of market research in contract management.

How to Improve Your Contract Management Meetings

While some managers may quickly jump to defend their weekly status meetings, consider this: researchers for Harvard Business Review found that the employees at a large company spent 300,000 hours a year supporting a weekly executive meeting. Just as there are ways to improve any process, there are many ways to improve your contract management meetings…

5 Tips to Improve Cross-Cultural Negotiation

In a December 2015 article for the Harvard Business Review, Erin Meyer, a professor at the INSEAD School of Business and author of The Culture Map, provides five key negotiation skills to improve your cross-cultural negotiation. Here is a review of those skills with some applications.

How Contract Management Software Automates Processes

By implementing best contract management practices, sourcing teams of best-in-class enterprises realize average yearly savings of 12.8%, according to the same report. Among those best practices is the use of contract management software to automate contract management processes. Here is an overview of what processes can be automated.

CLM Minimizes Deviations in Contract Language.

The larger is the size of an organization, the longer is its lag between the execution of the modified language and somebody finding about the existence of that deviation from approved language, if at all. In this article, we will review what are common sources of deviation from approved contract language and how to minimize those instances through the use of contract management software.

2015

The Greatest Challenge in Contract Management

In a previous post, we reviewed the top three pitfalls in contract management, which were all related to how processes are run. However, all of those pitfalls can only be addressed when the right culture is in place. In this article, we will review five strategies to create the right culture in your enterprise to optimize your contract management processes.

Top 3 Pitfalls in Contract Management

When you work in contract management, you may feel as if you’re constantly putting out fires. And even though your contract management team faces challenges on a regular basis, it hasn’t been able to focus on the root cause of these challenges. To help you focus on the key issues, here are the top three pitfalls in contract management and tips for how to prevent them.

Tips for Improving Employee Accountability in Contract Management

Contract management processes can be vastly complex, but at their core, they are all based on a simple concept: the ability to uniformly track all aspects of, and actions related to, the contracts of your enterprise. A key part of tracking in contract management is to keep all employees accountable for their actions and inactions. In this article, we will review four strategies for improving employee accountability in contract management.

How to Leverage the Internet to Promote Your Enterprise

Google has estimated that 70% of Americans take a look at product reviews online before making a purchase and that 79% of consumers use a smartphone while they shop. This is why it’s critical to harness the power of the Internet to improve the self-promotion of your enterprise and enable your potential customers to find your enterprise more easily. To fully leverage the Internet to promote your enterprise, here are some key important points to consider.

5 Key Points to Consider When Hiring Employees

The fourth quarter is here and many enterprises are evaluating ways to handle the extra business during the holiday season and the necessary coverage for employees who will take vacation during that period. Despite happening every single year, the hiring seasonal staff is often done as a last-minute item. To help you strategize your upcoming seasonal hiring needs and evaluate your currently implemented ones, here are five key potions to consider when hiring seasonal employees.

4 Tips for Overcoming Compliance Fatigue

Back in 2015, the credit card industry failed to meet its self-imposed deadline to convert to chip technology, continuing to leave consumers exposed to credit card fraud and imposing upon itself the burden of being responsible for covering the costs of fraud (the government indicated that financial institutions that don’t meet the deadline become liable for fraud costs). To help you reenergize efforts in your enterprise, here are four measures to overcome compliance fatigue.

Stop Using Spreadsheets for Contract Management

While nobody can deny the usefulness of this business tool, enterprises shouldn’t turn a blind eye to the inherent dangers of relying in interconnected spreadsheets for contract management. Let’s review at a couple of the reasons why you should stop using spreadsheets for contract management.

How to Track Changes Better in Contract Management

As you open Word document named “Government Bid v10 DDedit9 revisedFinal Final_Final.doc” you’re wondering what version you’re really working and whether or not everybody that needed to review the doc actually did. It’s possible to track changes in contract management without you going insane. Here are five best practices to make it a reality.

6 Guidelines for Detecting Accounting Fraud in Contract Management

The mission of the ACFE is to reduce the incidence of fraud and white-collar crime and to assist the membership in its detection and deterrence. There is reasonable evidence to suggest that the use of its top prevention and deterrence techniques should allow prevention and deterrence of accounting fraud in contract management. Let’s review the top 6 prevention guidelines suggested by ACFE to detect accounting fraud.

3 Ways to Increase Revenue from Your Contracts

Whether you’re experiencing a slow quarter and looking for a boost, or just looking to go the extra mile, there are several ways you can can incrementally increase revenue from your contracts. And while some things may be out of your control, here are 3 ways you can grab the reins and boost revenue for your company.

Why Implementing Cloud-Based Technologies Can be Worth the Effort

When you are dealing with high volume, you want to have information available within a snap of a finger. If you are in the business of contract management you want to empower your employees to have up-to-date data available before they arrive to their next destination and to allow them modify that same data on the fly if there are changes upon their arrival. Here are three reasons why implementing cloud-based technologies can be worth the effort.

Importance of Security Certifications SSAE-16 and SOC for Cloud Providers

According to a study from consulting firm Emergent Research and financial software company Intuit, the percentage of U.S. small businesses using cloud computing is expected to more than double by 2020, from 37% in 2014 to 78% by 2020. It may be just a matter of time, until your enterprise has to evaluate whether or not to make a shift to the Cloud. Let’s look at why security certifications SSAE-16 and SOC (Service Organizational Control) are essential to determine the data security and availability of a vendor.

Overview of Documentation of Software Development for Best Efforts Clauses

In a previous article, we provided a review of best efforts clause practices and their importance in contract management. Given their dependence on venture capital and time-to-market pressure, it is imperative that IT enterprises develop a more formal approach to their software development project management. Let’s review some key steps to document software development for best effort clauses.

Why the Effects of Cross-Price Elasticity of Demand Are Important in Contract Management

The concept of cross-price elasticity of demand is essential to competitor identification and market definition because the cross-price elasticity of demand measures the degree to which products substitute for each other, that is whether they are competitors in the same industry. Let’s review why the effects of cross-price elasticity of demand are important in contract management

How to Leverage Deadlines in Contract Management

For most enterprises, deadlines are managed using an “out of sight, out of mind” mind frame. We tend to act on the deadlines that are nearest to us. This behavior comes at a cost. Procrastination statistics suggest that 40% of people have experience financial loss due to procrastination. Instead of just reacting to deadlines, contract managers should be more proactive towards them. In this article we will discuss how to leverage deadlines to streamline your contract management processes.

Preventing Contract Negotiation Pitfalls

Ask any contract manager, “What are the top three skills of a successful contract manager?”, and you’re bound to end up with negotiation skills as one of them. Regardless of their industry, businesses could be saving resources by handling contract negotiations more efficiently. Here are four strategies to streamline contract negotiations and prevent common pitfalls.

Why Contract Management Software Streamlines Processes

Contract management results in an ever-increasing amount of business data and documentation collected to monitor and keep complex systems operating. When used properly a contract management system streamlines contract management processes. Here are four reasons why.

Matching Research to Goals: When Hard Data Is Needed

There are two main types of market research: qualitative and quantitative. Within those two categories, there are many different types of studies. This is a point that some contract managers tend to oversee when signing up for a research study. As valuable as qualitative research can be, quantitative research fits some projects better. It all depends on the project’s objectives. Let’s review the types of situations in which “hard data” from quantitative studies is needed.

Can Economic Woes from China, Greece, and Puerto Rico Affect Your Contracts?

The current economic troubles from China, Greece, and Puerto Rico surely bring back unsavory memories from past financial crisis, such as the one from 2008. One big question in any contract manager’s mind is: “Can China”s, Greece’s, and Puerto Rico’s problems affect my current contracts?” In this article, let’s analyze some of the potential effects of these current world events in your contracts.

How to Evaluate if Market Research is Worth the Investment

It’s understandable d why companies try to determine ROI for market research. If research doesn’t positively impact the bottom line, then it shouldn’t be done. But calculating ROI for market research can be tricky, and using traditional ROI measurements can miss the full picture. Here are some benefits of market research that are difficult to quantify.

Why Contract Management Software Streamlines Processes

Contract management is a critical area of any business organization because contractual relationships are the lifeline of any business. Without clear parameters for transactions, businesses would have a hard time maintaining a sustainable operation.

An Overview of Best Efforts Clause Practices

The judicial system has provided different legal interpretations of these terms across jurisdictions, and even within jurisdictions. This doesn’t help either party. One party will be pressing to set a lower standard, while the other will be pushing for a higher one. In this article, we will provide an overview and analysis of best efforts clause practices.

How to Prevent Contract Negotiation Pitfalls

Too much time and money is often wasted in negotiations. Regardless of their industry, businesses could be saving resources by handling contract negotiations more efficiently. Here are four strategies to streamline contract negotiations and prevent common pitfalls.

4 Contract Management Lessons from the Sony Hack

While the contents of the hacked Sony servers will surely be fodder for gossip magazines for many months to come, the focus should be on the red-flashing warning signals, particularly in contract management, for corporate America. Here are the top four contract management lessons from the Sony hack.

How to Prevent a Government Contract from Going Wrong

In a recent report from Grant Thornton, 50% of businesses involved in government contracting indicated that revenue from government contracts grew from the previous year from the previous year. However, there were 21% that experienced no significant change and 29% that experienced reductions in revenue. For most of the businesses, 93% of their revenues come from government contracting. Payment is a major issue in government contracts. Here are three useful strategies to prevent that a government contract goes wrong.

6 Most Common Flaws in Contract Management

Properly done contract management can determine the sustainabity of your buisness. More than just a necessary evil, contract management has a direct effect on your company operations. In this article, we will review the 6 most common flaws in contract management.

The Cloud Challenge for Contract Management

So fierce is the competition among incumbent cloud service providers that they have initiated a “race to zero”. This competition is to see who will charge nothing – absolutely zero – for cloud storage services. While the ever-falling prices for cloud storage may tempt you to take your entire contract data to the cloud, here are four considerations that you should keep in mind.

5 Strategies for Effective Scheduling

If you don’t know when work is supposed to happen, it probably won’t. Effective scheduling is critical to contract management because it maintains a sense of urgency and enables better management of client payments and project budgets. In this article, we will review five strategies for developing more effective scheduling in contract management.

6 Strategies for Effective Contract Management

Contract management can often be regarded as pure formality between the two parties entering a contractual relationship. However, contract management processes are essential in determining the sustainability of any business arrangement. Here are 6 strategies for effective contract management.

Top 3 Disadvantages of Using Spreadsheets for Contract Management

Excel is used for a wide variety of business uses, ranging from data manipulation to accounting. It’s undeniable that spreadsheets are useful tools to make complex calculations. However, when it comes to contract management spreadsheets may cause major problems. Here are the top three disadvantages of using spreadsheets for contract management.

The Changing Role of the Senior Level Contract Manager

One important trend in the contract management industry is the shift in the role of the senior level contract manager from being just a senior level manager to being more of a senior level manager of a team of contract managers. This article will discuss the changing role of the senior level contract manager.

5 Strategies to Handle Scope Creep in Contract Management

Scope creep is one of the biggest challenges in contract management because it involves uncontrolled changes or continuous growth in a project’s scope. When a project is not properly defined, controlled or documented, it has a higher probability of developing a case of scope creep. Here are five useful contract management strategies to keep scope creep at bay.

7 Steps to Handling a Contract Management Crisis

You have determined that you’re about 3 weeks behind schedule with only 10 weeks left to go on the project and also find that you’re over budget and realize that this is because you have done extra work without client authorization. Your client is furious about your request for a change order request but agrees to it, only if you commit to finishing work two weeks ahead of schedule. Here are 7 steps to managing this and similar contract management crises.

4 Contract Management Mistakes – And How to Avoid Them

Contract management is a field that requires many skills. In an article from IACCM, Richard Waugh, Vice President, Corporate Development, at Zycus Inc. recommends that contract managers think more like consultants. Among the consultant skills that he recommends to contract managers is the ability to find the “root cause.” In this article, we will review four contract management mistakes that often are the root cause of problems and how to avoid those mistakes.

Why Dashboards Make Contract Management Easier

Spreadsheets, Word docs, emails, calendars… It’s so easy to spend a whole afternoon trying to chase all these different resources in search of data to determine where exactly your team stands on all of its contract management processes. Let’s look at 6 ways dashboards facilitate contract management.

How to Do Contract Management More Efficiently on the Road

A poll of over 1,000 frequent business travelers found that 67% of them work twice as much on the road as they do in the office. But it is just not a matter quantity: contract management performed on the road also needs to be efficient and effective. Here are four tips to do contract management processes more efficiently during travel.

Why You Need to Track Your Contract Language

Conventional wisdom among contract managers is that contract language needs to be as precise as possible. The reasoning is that you need to cross all your t’s and dot all your i’s so that you minimize every single possible risk. However, there are occasions where you need to avoid complexity, leave certain items unregulated, or modify existing clauses. Let’s take a look at why you need to keep track of language in your contracts.

4 Contract Management Questions to Ponder

Just like individuals, companies need to take a time for retrospection. Here are four critical questions ro ponder that can go a long way toward improving your company’s contract management processes.

Contract Compliance: Improving It in 3 Steps

A study from the Aberdeen Group indicates that best-in-class enterprises demonstrate rates of contract compliance that are over 2.4 times  higher than their competitors. Here are three steps to increase the focus on compliance in your contract management processes.

5 Tips for Training First-Time Workers in Contract Management

New recruits are essential to the future of your company. However, they can only become true assets to your enterprise if your training program empowers them to develop the necessary skills to thrive in your enterprise. Here are five tips for training first-time workers in contract management.

What 2015 Holds for Contract Management

Like the rest of us, members of contract management departments around the world are excited about how 2015 is shaping up. There are strong reasons to believe that this will be a great year for business and particularly contract management. Here are three of the top opportunities for 2015 for contract managers.

How to Protect Your Contract Data from Hackers

With big names like Target, Home Depot, and Neiman Marcus making recent headlines, it may seem like only big corporations are victims of data breaches. For every breach at a major corporation, there are many more at mid-size and large enterprises. Here are some strategies to increase the security of your contract data from hackers.

4 Roadblocks to Improving Your Contract Management

As a company becomes successful, it often begins to become set in its ways. However, the reality is that what got the company here so far, won’t necessarily take the company to the next level. Here are 4 common roadblocks that limit your contract management practice.

Why Cybersecurity Must Be Priority in Contract Management

According to a KPMG survey, less than 40 percent of board members in the FTSE 350 Index companies view cyber-attacks as a more serious risk than other potential pitfalls. In this article, we will explore the top 4 reasons why cybersecurity must be priority in contract management.

5 Key Steps to Selecting a Contract Management System

Not all contract management systems are alike, but it all comes down to doing your due diligence, setting the right expectations for your employees, and being prepared beyond implementation. The following articles provides 5 key steps to select a contract management system.

4 Bad Business Habits to Quit Today

The research from executive coach, Marshall Goldsmith, shows that successful managers and directors tend to attribute their success to their behaviors, whether good or bad. That’s why those successful managers tend to have a hard time letting go of bad habits. Here are four bad business habits to quit today.

How to Prevent Payment Holds from Government Contracts

Throughout 2014, the U.S. government held contract payments for several of its contractors. To prevent your business from landing on the black list of Uncle Sam, here are four tips to prevent contract payment holds from government projects.

5 Challenges in Contract Management

The field of contract management is filled with obstacles that prevent your organization from achieving operational efficiency. While some of those obstacles may be minor, others are not only eating away your profits but also lessening the chances for sustainable operation. Here are 5 major challenges in contract management to watch out for

The Importance of Sarbanes-Oxley Compliance in Contract Management

The main objective of the Sarbanes-Oxley Act was to restore the investor confidence in the U.S. stock market that was lost due to financial scandals. However, the Act also had the effect of increasing record keeping costs for companies of all sizes. In this article, we will discuss the importance of compliance of the Sarbanes-Oxley Act in contract management.

Filtering Out the Noise in Contract Management

The digital revolution brings with it easy access to a mind-boggling amount of information. The New York Times reports that we now consume three times as much information as we did 50 years ago. Let’s look at how contract management software helps filter through all the “noise” within that information.

Why Using Google Apps for Contract Management Isn’t Enough

Within the next decade, two out of every five Americans will be a freelancer. This temporary workforce is often spread out across different cities and time zones. This means that several organizations turn to cloud-based collaboration tools, such as Google Apps, to complete tasks. While Google Apps may be appropriate for some functions, is it the right tool for contract management? Here are several reasons that show why that may not be the case.

4 Tips to Streamline Contract Management Processes

Figuring out how to streamline contract management processes can often be challenging because you may have become too comfortable with how thing are. However, inefficient and dysfunctional contract management processes lead to unhappy customers, stressed colleagues, missed deadlines, and increased costs. Here are 4 suggestions that you may have not tried before to streamline your contract management processes.

How to Encourage Consensus in Contract Management

Nothing undermines contract management processes more than a lack of cohesiveness on what the final product should look like. While the challenges faced by organizations may vary, there are some issues that appear in most industries. By focusing on these five activities, your organization can achieve better consensus throughout its contract lifecycle.

3 Strategies to Attract New Contracts

Instead of approaching lackluster sales performance in a negative away, it can be more productive to take the opportunity to consider new strategies to attract new contracts. Here is a review of three strategies to increase your awareness and credibility among potential clients.

2014

How to Evaluate Your SaaS Provider

The ever-growing trend towards EaaS, or Everything as a Service, provides IT buyers and decision makers a wide variety of choices. On one hand, there is a plethora of available SaaS platforms, while on the other there is an important need for employees making purchasing decisions to know how to properly asses these service providers. To help you evaluate SaaS providers, here are four specific criteria that should be considered.

5 Ways to Jumpstart Your Content Marketing

While the concept of creating and sharing content (e.g. videos, white papers, or infographics) to acquire and retain customers is not totally new, it doesn’t’ mean that you should just assign these efforts to an unpaid intern or an overwhelmed account manager. To help you to get started or implement some tweaks on your content marketing strategy, here are 5 important points to consider.

The Importance of Delegation in Contract Management

Effective client management is a critical element of any contract lifecycle.  One of the top reasons why clients defect is that they feel that they are just one of several dozens of clients. And they may be right about that. To win a client we put on our best suits and prepare our best Power Points, but once the client is in, our commitment to quality seems to go downhill.

Why Email is not a Replacement for Contract Management Software

If you have ever walked out of a staff meeting with the IT department feeling completely clueless about what just happened, you’re not alone. According to a 2014 Fortune poll, 31% of senior managers feel that in-house IT staff explain tech trends “not very thoroughly” or “not clearly at all, and 29% of them admit to “still have a lot of questions”.

The Recipe for Successful Contract Management

The focus of contract management is to achieve specific goals by planning, organizing and managing within a given set of constraints.

Given the temporary nature of a contract, this area of management often overlooks the bigger picture: the contract lifecycle. Contract managers would greatly benefit from revisiting the tenets of the more holistic approach of contract management – business process management (BPM).

5 Tips to Close Contracts Faster

A major challenge of any contract management process is shifting from negotiation to execution. Decision makers often delay reaching a final move because they want to make sure that they are not missing out on any better alternative.

Why Jurisdiction Matters in Contracts for Finance Industry

The choice of jurisdiction is no small decision when it comes to financial matters. The laws applied to your contractual relationship play a critical role in the required level of governance. In the financial industry, the choice of jurisdiction is even more important.

Role of Contract Management in Business Development

For any business, the two main activities for business development are marketing and sales. No matter whether you are a financial firm looking to build relationships with clients at conferences or an oil & gas corporation looking to expand the scope of current contracts, all businesses need to take a closer look at how contract management falls into business development processes.

5 Lessons in Contract Management from the World Cup

Here it is! Taking place every four years, the World Cup is the largest sporting event behind the Olympics. How big? Consider this: while the Super Bowl had about 111 million viewers in 2014, the World Cup had 910 million viewers in 2010.

A Closer Look at Contract Management Software Deployment Options

The benefits from switching from paper-based contract management systems to digital ones are undisputable. However, this doesn’t mean that your enterprise should jump into the first contract management software that it discovers. While there are several criteria to consider for evaluating vendors, deployment should be among the top two.

The Importance of a Full Contract Lifecycle Approach

In a recent article for the IACCM Contracting Excellence Magazine, Rebecca Thorkildsen, Director of Legal Solutions at Pangea3 points out how more and more contract departments are seeking full contract lifecycle management solutions.

Top 5 Things to Consider When Accepting Bitcoins in Contracts

Reaching an all time high market value of over $1,200 on November 2013, bitcoin became a household name fueling the pipe dreams of individual “miners” and large corporations alike. Given that the amount of daily transactions in bitcoin was over 66,000 in April 2014, the IRS had to issue guidelines on how to treat transactions in the virtual currency for tax purposes.

How to Get Ready for a Fortune 500 Contract

In past articles, we have discussed how to implement and control government contracts and avoid the worst mistakes in government contracting. However, managing contracts with Fortune 500 companies can be just as tricky and sometimes even more.

How to Gear Up Your Small Business for Government Contracting

Great news for small business around the country. On February 2014, the federal government has finally reached its goal of awarding 23% of contracts to American small businesses. According to data from SmallbusinessData.gov, there was a total of $83.7 billion dollars awarded in federal contracts to small businesses.

Why Excel is Not Enough for Contract Management

It is not only the standard in spreadsheet software, but it is also synonymous with efficient business analysis. From bankers to healthcare consultants to desperate bachelors, the user base of Excel is ever growing. However, this amazing business tool falls short in the realm of contract management.

5 Contract Management Myths to Overcome

Contract management is an important business process, yet it’s full of sacred-cow ideas and grandiose illusions. It’s time to bring down the reality distortion involving certain practices of contract management.

5 Ways to Jumpstart Your Contract Management Process

Contract management has changed a lot in the last two decades. Given the rise of computing power and the Internet, contract management has evolved quite a bit. Yet, surprisingly, many businesses insist on implementing contract management processes like old times.

4 Ways to Stay Ahead in Contract Management

When you think about it, sometimes it all comes down to cost.

Removing the veil from operating costs and imposing accountability and awareness of amounts spent in the contract  process can give you a leg up on the competition. Here are 4 specific ways on how to stay ahead in contract management.

Top 5 Excuses for Contract Management Failure and How to Fix Them

The job of a contract manager is not easy. We face challenging situations on a daily basis and, often, feel a bit a overwhelmed trying to juggle multiple contracts at once. While we sometimes face situations that we may not be able to control, we have to focus on what we can control.

4 Key Features of Contract Management Software

Inefficient contract management can cause a host of problems, not the least of which is money lost due to poor organization of the contract lifecycle. A lack of organization in contract management is often caused by issues such as the inability to follow-up with contracts, inability to route documents to the appropriate person, lack of information on major contract milestone, and inadequate knowledge about best practices for corporate governance and compliance.

Reducing Contract Risk in the Finance Industry

In a previous post, we discussed the importance of implementing risk management in your contracts. In this post, we will discuss a business and liability risk that companies in the finance industry are facing now more than ever. These two topics are related with the ever-growing threat of malicious hackers. As many trend watchers claim, this is the era of big data, and with big data, comes big cybersecurity threats.

4 Tricky Contract Management Terms

In a previous article, we explored how to improve SOW change management and how this process benefits the overall contract management lifecycle. Within that discussion, we touched on how important it is to develop a transparent process for managing changes and claims.

Preventing Hidden Value Leakage in M&A Transactions

68% of M&A sales processes failed in 2012. While 2013 saw the value of mergers and acquisitions in the U.S. rise to $1.1 trillion ($130 billion Verizon Wireless takeover and $24 billion Dell buyout), there were still many massive deals that didn’t materialize.

How to Improve Client Management

A main challenge in contract management is client management. One of the top reasons why client defections occur is because of “indifference by supplier”. This can range from inferior client service to passive communication. The bottom line is, there are many different issues that will signal indifference to a client. You should not only know them but also know how to prevent or overcome them.

How to Prevent the Subcontracting Squeeze

To maintain a steady cashflow, companies often end up entering into more contracts than they can “chew”. When resources are spread too thin, those same companies  need to hire a third party to successfully perform the tasks stipulated under the original contract. This process is known as subcontracting.

How to Improve SOW Change Management

In a recent blog post, we discussed the importance of taking steps towards improving the statement of work of any contract to improve your contract management process. It showed that the more detailed the SOW is, the lower the probability will be that a project will run over budget or timeline.

How to Implement Risk Management in Your Contracts

While it is important to minimize the potential risks of your contracts, it’s also important that you don’t miss great opportunities for the fear of risk. Like hockey legend Wayne Gretzyky said, “You miss 100% of the shots you don’t take”.

Lessons in Contract Management from HealthCare.gov

Launched in October 2013, HealthCare.gov is a healthcare exchange website created by and operated under the United States federal government. Completely disregarding the politics behind the website, it stands as an important case study in both project management and contract management.

Avoiding the Worst Mistakes in Government Contracting

One of the classic readings in contract management within the government is Richard D. Lieberman and Jason D. Morgan’s The 100 Worst Mistakes in Government Contracting. This book provides detailed account of the mistakes that government contractors should avoid at different stages of the government contract lifecycle.

How Cloud Computing Improves Your Business

One of the current buzzwords in IT circles is ‘Cloud Computing’. From trade-shows to industry publications, IT decision makers and purchasers are being bombarded about how “cloud computing is going to transform your business”.

2013

Making Contract Management Data More Dynamic

Being the best at managing data is every bit as important as being the best at managing service and cost. When it comes to contracts, savvy companies are learning that they need better tools to turn contract data into actionable items. One of those tools is cloud-based contract management software.

The Ever-Evolving Role of the CIO

During the 2013 MIT Sloan CIO Symposium, several big topics were discussed. From the convergence of data, analytics and the cloud to the potential of social business, the conference had an underlying trend: the current CIO role is an increasingly powerful and…

When it Comes to SaaS, Make Sure to Check the Fine Print

“We continue to see frustration among cloud services users over the form and degree of transparency they are able to obtain from prospective and current service providers,” said Alexa Bona, Vice President and Analyst at Gartner. According to surveys from the research firm, Gartner predicts that through 2015, 80 percent of IT procurement professionals will remain dissatisfied with SaaS contract language and protections that relate to security.

The Rise of Hybrid Cloud Computing

On October 2013, analysts at Gartner released results from a survey predicting that 28 percent of CIOs expect to source all critical applications and operations via the cloud by 2016, and 55 percent expect to do so by 2020.

E-Signatures: Streamlining Contract Management

During the training camp of TEAM USA basketball for the 2012 Olympic Games, history was made in contract management. Point guard Deron Williams signed a $98 million contract to rejoin the Brooklyn Nets using not a fancy ink pen but his finger on a tablet.

A Lesson in Contract Management from the DCMA

Often we take cues from leaders in the private sector to establish benchmarks to which we measure against our ongoing business projects. However, in this article we will talk about how the Defense Contract Management Agency (DCMA) negotiations with the Bethesda, Maryland-based company, Lockheed Martin Corporation are an example of how contract management is a key component of business.

7 Benefits of an Enterprise Contract Management System

With industry leading contract management software from Contract Logix, it’s possible to significantly decrease the amount of time and resources required to manage and administer all of your contracts. Our software is available in three editions: Group, Professional and Enterprise.

3 Criteria to Guide Your Shift to the Cloud

Like any other technology, cloud-based applications and cloud computing are not panaceas that will solve all of your business problems. However, they do have the ability to dramatically increase the visibility of critical data across your enterprise, bringing departments closer together and creating better coordinated efforts.

4 Business Benefits of Cloud Computing

When talking about the benefits from cloud computing, vendors often boast about cost saving, scalability, storage on demand and other features that great on a sales brochure. Still, there are several untold benefits that quickly become evident to companies that adopt cloud-based technologies such as Software-as-a-Service.

Private Cloud: Balance Between Data Availability and Security

A recent survey from Edge Strategies in March 2012 states that over 3,000 IT decision makers or influencers in 13 countries are considering adopting paid cloud services within the next three years. It is understandable that your company may be considering making the leap to the Cloud because it needs to make your data available to your mobile workforce.

Contract Management Resolutions for 2013

Back in January 2012, Edgar Blanco, Research Director at the MIT Center for Transportation & Logistics and contributor to Forbes on sustainable supply chains, compiled an interesting list of resolutions for logistics and supply chain managers.

How to Better Manage your Freelancers

The Freelancers Union estimates that in 2013 there are about 42 million freelance workers or 1/3 of the national workforce in the United States. This ever-growing number of professionals means that your company will at some point have to hire the services of a freelancer

4 Techniques to Shorten and Improve your Contract Cycle

In May 2010, the Aberdeen Group released a report on how to shrink the sales cycle and focus on closing a higher number of sales. The first part of the report focused on the causes for long sale cycles. “We don’t convert enough leads to sales,” reported 59% of respondents to Aberdeen, 27% of those polled said they had insufficient knowledge of prospects already in their sales funnel, and 26% of respondents mentioned that they lost efficiency when they recreated proposals or contracts

How Contract Structure Should Reflect Business

The President and founder of the International Association for Contract & Commercial Management (IACCM), Tim Cummins points out that contract structure is an important topic. “Not only to ensure the structure actually reflects the nature of the deal or relationship, but also to improve the ease of reviewing and understanding the contract”, Cummins says.

The Evolution of Contract Management

One of the trends that is transforming the role of contract managers and will profoundly change the way companies do business in the future is the idea of cloud-based contract management. Technology is rapidly evolving and Software-as-a-Service (SaaS) will be pervasive. Every single aspect of your contract management lifecycle will be linked through your network…

How to Create Quality Contracts

Founded in 1999 with support from British Telecom, Hewlett-Packard, IBM, Lucent Technologies, Marconi Communications, and Siemens, the International Association for Contract and Commercial Management (IACCM) stands as one the global forums for innovation in trading relationships and practices.

Enhancing Contract Usability Through Visualization

Contracts are complex just like the same business relationships, processes and projects they seek to describe. Even though they are essential parts of businesses, contracts are a common source of frustration for all parties involved in them. Particularly, paper based contracts make the contract management process overly complicated and difficult to understand. The exclusive use…

Checklist for Evaluating Contract Management Software

In an interview with the Center for Association Leadership, Joanne Duncan, CPA, CAE, and current CFO of the Credit Union National Association (CUNA) and Jeffrey S. Tenenbaum, Esq., a partner in Venable LLP’s association practice group provide a useful checklist of best practices in contract management. Their list stands the test of time and is applicable to the…

Rise of Temp Work Increases Importance of Contract Management Software

Increasingly, companies across the world are turning to temp workers (also known as contract workers) to fill employment gaps. These gaps occur for many reasons ranging from maternity leaves to sabbaticals to special projects requiring the services of an expert. It does not matter what is the reason how for an employment gap, what is…

Implementation and Control of Government Contracts

Each fiscal year your company goes through the same exercise of reviewing its client portfolio to determine what can be done to improve the profitability of existing accounts and what can your team do to generate new sources of revenue. A great opportunity for the latter are government contracts at the local and state level….

Legal Clinics Could Benefit from Cloud-Based Contract Management

“Larger [legal] clinics could be better positioned to leverage technology and/or develop partnerships that actually expand client access to clinic law services,” states a report from Legal Aid Ontario, an independent but publicly funded and publicly accountable non-profit corporation in Ontario, Canada. This need for merging of legal clinics across Ontario is a scenario that is…

Taking Action Steps in Contract Management

“If you know anything about magic, you know that the best tricks are the ones that are the most simple to perform. Levitation relies on pulleys, floating dollars need thread, and the disappearing coin depends on hidden pockets; all of the most remarkable tricks have the most “obvious” explanations. Similarly, the best methods for managing…

The Power of Cloud-Based Contract Management

Cloud computing has come a long way from buzzword to a reality affecting businesses around the world. Ranging from hosted email solutions to hosted IT servers to hosted contract management software, cloud computing is empowering businesses to focus less on maintaining their computing power and more on their core competencies. Use of cloud computing in…

Achieving Operational Efficiency through Cloud Technologies

Created by the E-Government Act of 2002, the Federal Chief Information Officer of the United States (US CIO) oversees federal technology spending, federal IT policy, and strategic planning of all Federal IT investments. In 2009 Vivek Kundra became the first American to hold the title of US CIO. Kundra’s most important accomplishment was the publication…

Using Contract Management Software to Overcome Cost from Human Error

Even the most diligent people make mistakes, forget things, and overlook important details. This potential for human error is well-known in business planning, and to counter it, automation of routine business processes is often employed- ensuring that nothing falls through the cracks. This automation logically extends to contract management, which is one of the most…

Contract Workers Require Strong Contract Management

The U.S. economy appears to be recovering, but many employers are still choosing to remain lean—using contract workers rather than hiring full-time employees. Contract workers provide the flexibility to lower labor costs in times of economic or industry downturns, as well as to meet operational needs. Using contract workers also allows employers to avoid employment…

Using CMS to Manage Freelancers

Many enterprises find it more cost-efficient to fulfill their creative needs by hiring freelance programmers, graphic designers, event planners, writers, editors, photographers, etc. The advantages of using freelancers are apparent. Enterprises only pay for the services they need, which often aren’t enough to justify a full-time position, particularly for small to medium-sized businesses. Using freelancers…

Ignoring Contract Management Reduces Profitability

Contracts are the lifeblood of business. They facilitate and govern virtually every B2B transaction conducted. Yet most enterprises are too lax in their management of contracts throughout the contract life cycle—from creation to monitoring of provision compliance. Inexplicably, many enterprises don’t focus on minimizing costs and maximizing revenue through astute contract management during the life…

Management Skills and Successful Contract Management – Part 2

Maximum-efficiency contract management requires automation, but automation alone isn’t sufficient. Even with the best enterprise contract management software, the people tasked with managing contracts need to possess certain aptitudes to enable the enterprise to realize the full benefits of automation. The benefits of automation are many, including smarter planning, data-informed negotiations, faster approvals, increased collaboration,…

Management Skills and Successful Contract Management – Part 1

Automation should be considered an absolute necessity in contract management. Without it, an enterprise will be hard-pressed to efficiently manage its contracts to maximize cost savings and revenue opportunities. But automation doesn’t work in a vacuum, and it’s not an instant panacea. To realize the many benefits of automation, an enterprise also must have contract…

Managing Government Contracts with Automation

Contracts with government agencies require a high level of accounting accuracy and fiscal management. And with the level of today’s technology, government agencies prefer to award contracts to enterprises that have automated contract management to ensure this accuracy and facilitate more-efficient management. When it comes to meeting the accounting, reporting, and operational requirements of government…

The Vital Role of Contract Management in Government Contracting

Federal, state, and local governments are rich sources of revenue for many suppliers and contractors, but working with government agencies can be complex due to their often-stringent reporting requirements, tight budget controls, and bureaucratic nature. Enterprise contract management software can help organizations manage this complexity with less expense and minimized revenue leakage. Contract management automation…

Empower Sales Staff with Contract Management Software

In many enterprises, contract management automation is still seen primarily as cost containment. That thinking underestimates the potential of enterprise contract management software to also increase revenue by providing critical assistance to sales. Poor contract management leads to revenue leakage of 5% to 9%, according to a recent article, “Why the Fortune 500 Automate the…

The Importance of Integrity in Contract Management

Integrity in business is a more complex topic than it might at first appear. Integrity could be summed as a list of “Don’ts”—don’t lie, don’t mislead, don’t conceal, don’t steal, don’t break professional ethics codes, and so on. Seen in this way, integrity in business is simply about doing the right thing—as individuals and enterprises….

Tragedy Reveals Importance of Contract Knowledge and Control

Menu News Room View All How Technology Helps Procurement Ensure Compliance, Boost Efficiency, & Minimize RiskManaging Contracts for Maximum Efficiency and Minimum RiskHow Tech is Helping Firms Manage Logistics, Compliance RiskContract Logix Publishes “Seven Onboarding ‘Musts’ to Ensure Successful Contract Management”Contract Logix Publishes “Contract Management KPIs: Ammunition for Optimization”View All >> Questions? Contact Us 1-866-371-4445...

Contract Management and Operational Excellence

Operational excellence can’t be achieved without reliable, efficient, continuously improving business systems. “Operationally excellent enterprises possess the processes and structures—or the ‘intangible assets’—that give them the visibility, control, tools, and management practices necessary to drive greater operational effectiveness and efficiency,” sums up Faisal Hoque, the founder and CEO of BTM Corporation, in his insightful Fast…

When Contract Management Goes Wrong

The costs and benefits of contract management are often not properly quantified, and that lack of clarity leads many enterprises to neglect this vital aspect of business success. But sometimes the evidence is so obvious that it can’t be ignored—which is what happened in Seattle earlier this year. In an article about the local Sound…

Outcome-Based Contracting Requires Contract Management

Outcome-based contracts are becoming increasingly popular in B2B contracting, and their use is likely to continue growing—making the adoption of enterprise contract management software even more imperative than it already has been. An outcome-based service contract doesn’t require a customer to pay until a specific outcome, as defined in the contract, is achieved by the…

Toward Contracting Excellence

It’s easy to understand that contract management is important to business success. It’s not so easy to actually implement contract management practices that contribute to this success. At the operational level, enterprises often can’t envision a nuts-and-bolts strategy toward contracting excellence. “There is plenty of evidence that improved contracting delivers better business results. There are…

How Contract Management Software Can Help With the Top 10 Most-Negotiated Contract Terms

Menu News Room View All How Technology Helps Procurement Ensure Compliance, Boost Efficiency, & Minimize RiskManaging Contracts for Maximum Efficiency and Minimum RiskHow Tech is Helping Firms Manage Logistics, Compliance RiskContract Logix Publishes “Seven Onboarding ‘Musts’ to Ensure Successful Contract Management”Contract Logix Publishes “Contract Management KPIs: Ammunition for Optimization”View All >> Questions? Contact Us 1-866-371-4445...

The Human Element of Contract Management Software Implementation

Many enterprises implement new technology with unrealistic expectations, erroneously thinking it will immediately and automatically lead to increased profit, says Henry Hornstein, who teaches HR development and organizational behavior at Algoma University in Canada. In a recent article in the Ivey Business Journal, Hornstein acknowledges that new technology is easily perceived as “sexy.” “Nonetheless, much…

Defining The Full Scope of Contract Management

“Contract management” is often thought of as a function that primarily occurs after contracts are closed. But the enterprises which are the most successful at maximizing revenues and minimizing costs in their contract portfolios realize that contract management has a larger scope.

The Importance of Contract Management Ethics

The National Contract Management Association’s code of ethics calls for professionals in the contract management industry to “continuously improve” their “professional knowledge and job performance in the field of contract management.” The NCMA considers it unethical for professionals involved with contract management to accept the status quo and fail to take advantage of advances in…

Contract Management Software Leads to Procurement Cost Savings

Enterprises are increasingly recognizing the immense potential of technology to lower the costs of procurement processes, particularly contract management. A survey by SAP and the Procurement Leaders Network -conducted during the height of the global recession-found that almost 40 percent of responding enterprises increased their focus on technology in order to achieve procurement cost savings…

2012

Three Essential Capabilities of Contract Management and How to Achieve Them

It’s not difficult to make the case that efficient contract management should be a high priority for any enterprise. The argument can be made in many ways, but the conclusion is always the same—contract management has a significant impact on the bottom line. Done well, it can help propel an enterprise’s revenue growth and increase…

Why Reducing Paper Use through Contract Management Software is Good

One of the many benefits of implementing contract management software is a reduction in the use of paper. This shift away from a reliance on paper has many competitive benefits, so it’s not surprising that progressive enterprises are increasingly moving to “paperless” contract management solutions. Some Paper Will Still Be Used Before considering the benefits,…

Are You Managing the Entire Contract Lifecycle?

Menu News Room View All How Technology Helps Procurement Ensure Compliance, Boost Efficiency, & Minimize RiskManaging Contracts for Maximum Efficiency and Minimum RiskHow Tech is Helping Firms Manage Logistics, Compliance RiskContract Logix Publishes “Seven Onboarding ‘Musts’ to Ensure Successful Contract Management”Contract Logix Publishes “Contract Management KPIs: Ammunition for Optimization”View All >> Questions? Contact Us 1-866-371-4445...

Change Management in Contract Management Implementation

The decision to implement contract management software is one that an increasing number of enterprises are wisely making. The benefits of enterprise contract management software are numerous, and particularly with SaaS solutions, the upfront investment required to make the change will be quickly recouped by increased profitability throughout the life cycle of contracts.

7 Benefits of Contract Management Software

Contract management is an essential part of any sales organization, yet many enterprises continue to operate with outdated, cumbersome paper-based contract management. Particularly with the emergence of SaaS contract management, the time has come for all enterprises to automate the vital process of contract management within the sales channel.

Contract Management Software Helps to Ensure Vendor and Supplier Compliance

One of the most important aspects of contract management is ensuring that contract partners adhere to the negotiated terms of contracts-a reality that a member of the United Kingdom’s Parliament thinks is eluding that country’s Department of Work and Pensions. Last month, the chair of Parliament’s Public Accounts Committee, Margaret Hodge, sharply criticized the department’s…

Outlook of Contract Management in Asia

Contract law in Asia has traditionally been inconsistent, and it remains so, even in the larger markets. This lack of contract clarity and unpredictable contract enforcement has, not surprisingly, discouraged business investment in Asia. In part, the situation in Asia is due to a cultural tendency in Asian business to focus on personal relationships rather…

SaaS Contract Management: Lower Cost, Increased Competitiveness

Many small businesses understand the value of automated contract management but aren’t in a position to purchase enterprise contract management software with a capital-expenditure model. The hardware, software, and labor costs involved with implementing contract management software in-house are not practical for many small businesses. Fortunately for small businesses in this situation, the emergence of…

Contract Management: A Competitive Edge for Your Sales Staff

Menu News Room View All How Technology Helps Procurement Ensure Compliance, Boost Efficiency, & Minimize RiskManaging Contracts for Maximum Efficiency and Minimum RiskHow Tech is Helping Firms Manage Logistics, Compliance RiskContract Logix Publishes “Seven Onboarding ‘Musts’ to Ensure Successful Contract Management”Contract Logix Publishes “Contract Management KPIs: Ammunition for Optimization”View All >> Questions? Contact Us 1-866-371-4445...

Contract Management for Small Businesses

Small businesses often don’t give much thought to contract management. They’re understandably more worried about getting customers than about the contracts that come with the customers.

Contract Management Software and Warranty Management

For service contract businesses with extensive warranty obligations, contract management can be a key driver of profitability. By taking advantage of the evolution of enterprise contract management software – along with the availability of this technology on the cloud – many enterprises are achieving reduced costs, increased revenue, and greater customer satisfaction in their service…

The Case for Contract Management on the Cloud

Market analyst McKinsey & Co.’s report, “Winning in the SMB Cloud: Charting a Path to Success”, outlines the reasons why small and medium-sized businesses (SMBs) are leading the growth of the cloud services market.

How to Choose an e-Signature Provider

Twenty years ago, signing an important document electronically seemed legally risky—not to mention just plain weird. Even technologically savvy people wondered: “Will this really work as a legally binding signature?”

The Rise of the Supertemp

Harvard Business Review recently published an article, “The Rise of the Supertemp,” which focuses on the rise of an emerging class of high-skill professional workers who choose to work as independent contractors rather than traditional “permanent” employees.

How to Determine the ROI of Contract Management Software

According to PwC, enterprises could save 2 percent of their total annual costs by implementing automated contract management systems to improve contract accuracy and compliance. And Goldman Sachs concludes that an automated enterprise contract management system could speed up negotiations by 50 percent…

How to Prevent Your Contracts From Undermining Trust

Contracts that are too specific can limit the building of good will. For example, if every action a service provider could possibly take is dictated and priced by contract, then there’s no chance to offer additional “no charge” services that will make the client feel appreciated.

What to Consider When Negotiating SaaS Contracts

The market for software-as-a-service (SaaS) continues to grow rapidly, with global spending expected to rise 17.9 percent in 2012, to $14.5 billion, and to reach $22.1 billion by 2015, according to the market research firm, Gartner.

Take Charge of Your Contract Management Process

Implementing an enterprise contract management system results in numerous benefits—pre-approved templates and legal language that speed time to close, alerts for milestone dates, tracking of contract compliance, and analysis of contract performance, to name a few.

Improving Customer Experience and Profitability through Contract Management

Progressive companies are increasingly deciding to integrate an enterprise contracts management system into their customer relationship management system. This inclusion is due to recognition of the vital importance of contract management in improving the customer experience, as well as in maximizing revenue from each customer.

The Limits of Excel for Contract Management

Excel spreadsheets have played an important role in the evolution of contract management. They consolidate data and allow even “mathematically challenged” people to create contract budgets and illustrate them with graphs and charts. And they can be used to generate valuable analysis of the data.

Aligning Contract Management with Sales Processes

A study by the Aberdeen Group found that, on average, respondents’ revenue that involves contracts is projected to rise from 56 percent to 68 percent within the next two years. Aberdeen points out that this increase can result in a competitive advantage for enterprises that focus on growing contract sales and making the contracting process more efficient.

Strategize your Cloud Computing Strategy

Before deciding to shift IT operations onto the cloud, it’s important for CEOs, CIOs, and other key decision makers to understand exactly how cloud computing can advance their organizations. Cloud computing provides a means not only to reduce costs but also to increase the efficiency and value of IT functions.

Increase the Productivity of your Contract Processes

Contract management software on the cloud provides numerous advantages over in-house software, such as lower upfront hardware and software costs, anywhere/anytime access, instant software updates, and less-expensive and more-reliable data storage and backup.

Benefits of Automating the Contract Management Process

Through all stages of the contract cycle – creation, negotiation, completion, and compliance monitoring – contract management software tracks a contract and prompts necessary action at just the right time. Automation counters human forgetfulness, miscommunication, and susceptibility to error.

Importance of Reporting Features in Contract Management Software

Enterprises that make heavy use of contracts can attain many valuable benefits from using contract management software, including the ability to automate reporting on contract performance.

Automated reporting allows for financial analysis to measure the profitability of every contract and to identify areas for improvement in contract execution.

The Role of Training in Contract Management Processes

Implementing contract management software leads to numerous benefits, such as shortened contract life cycles, negotiation support, lower processing and legal costs, increased revenue collection, and protection against expensive mistakes.

Contract Monitoring and Evaluation with Contract Management Software

Contract management software enables enterprises to more easily and effectively manage the contracting process, from creation though negotiation to completion. But contract management doesn’t end when parties sign a contract. Rather, another crucial phase of contract management begins—the monitoring and evaluation of the contract’s performance. Therefore, a complete CMS solution also must improve and facilitate post-signing management.

Contract Management Software Improves Revenue

Implementing contract management software can involve a sizable upfront investment, but it usually takes but a short time—perhaps even less than a year—for the increased revenue realization to cover the investment.

Limiting Legal Liabilities with Contract Management Software

The use of contract management software to automatically route documents to the appropriate people and to standardize legal language in easily accessible, up-to-date, and compliant digital formats will result in reduced negotiation cycles and less demand on the legal department’s resources due to lowered demand for attorney intervention. Ultimately, these benefits translate into higher productivity—and increased profitability—for the entire legal team and company.

Selecting Contract Management Software with E-Signature Integration

Organizations in the process of selecting a contract management software solution should insist on e-signature integration. With e-signature use now commonplace as a productivity-increasing tool in a wide range of industries, an effectual integrated e-signature capability is essential to the effectiveness of any contract management system.

Effective Data Reporting for Contract Management

One of the essential elements of any productive contract management software system is its reporting capability. Even if critical contract data is collected and stored in spreadsheets or databases, a company won’t fully maximize the benefit of this information without a user-friendly and reliable reporting function that produces meaningful, concise reports that highlight the most important data.

Digital Signatures: An Important Part of a Comprehensive Contract Management Software

Organizations that understand the vital importance of contract management are increasingly making the decision to use contract management software, which can significantly increase the efficiency of the contracting process.  And a critical aspect of any contract management software system is its capability for digital signatures, which use asymmetric cryptography technology to authenticate that a signature was created by the person sending the message and that it wasn’t altered once it was sent.

The Value of Automated Contract Routing

Many organizations—despite insisting that they have an adequate contract management process—in reality have a “sign and forget” mentality that leads to costly inefficiencies.

How a Centralized Contract Management System Brings Your Business Together

Contract management has traditionally been a haphazard process that resists efforts at internal coordination. Paper documents containing important contract information are often stored in multiple locations, despite the best intentions for centralization. Even electronic contract-related information (e.g., Excel spreadsheets, Word docs) is often dispersed throughout an organization, saved in places where it’s not accessible to all key people.

Integrate Contract Management with Your Sales Force

Top-performing companies in a wide range of industries are replacing cumbersome and inefficient paper-based contract management with contract management software, which integrates all contract-related information in one place, where it can be readily accessed and easily analyzed.

Contract Management in the Cloud for Small and Medium-Sized Businesses

For small and medium-sized businesses, the initial cost of implementing contract management software can be daunting. But the inability or unwillingness to invest in contract management software (CMS) can lead to a multitude of costly problems down the road. According to a recent article in CIO.com, “These days, detailed contracts outline every aspect of thousands…

2011

Put Away Your Spreadsheets with Contract Management Software

Your company is growing at an advanced pace and you are still stuck in the 90’s running your entire contract processes through a spreadsheet. Not only you have a single person responsible for updating it but also you have shared this spreadsheet through email, Google Docs, and Dropbox so many times that you are not really sure who had or, even worse, still has access to it.

The Importance of Data Storage in Contract Management

On September 2011, eWeek Senior Writer Chris Preimesberger reported that analysts of the IT industry estimate that about 30 to 40 per cent of IT shops have no disaster recovery systems in place or don’t know how to implement existing ones correctly.

The Importance of a Flexible Cloud Computing Solution

There is an ongoing debate whether a company should decide between private and public clouds. On the one hand, the advocates of public cloud computing such as Salesforce.com’s Peter Coffee claim that private cloud solutions share a lot of similarities with the Jurassic Era and that in the end they will all become extinct. On the other hand…

How a Contract Management System can help your business grow

Whether you’re a small business entrepreneur or part of the management at a big organization, you surely understand the importance of contracts and documentation when it comes to keeping your business secure. Here are a few reasons why a good quality contract management system can help take your business to greater heights.

Key Questions to Ask Your CIO About Contract Management Software

Your CIO can provide you an accurate picture of what your current in-house systems currently cost and what portion is dedicated towards contract management and contract management tracking. He or she can also let you know how much manpower is currently dedicated towards these non-core activities.

Take the Work Out of Tracking Your Contracts!

Businesses utilizing contract tracking software, will improve contract tracking and management, and their ability to make proactive decisions. Furthermore, contract software will also provide businesses with an extended view into key contract data, including…

Growing Your Company with Contract Management Software

Menu News Room View All How Technology Helps Procurement Ensure Compliance, Boost Efficiency, & Minimize RiskManaging Contracts for Maximum Efficiency and Minimum RiskHow Tech is Helping Firms Manage Logistics, Compliance RiskContract Logix Publishes “Seven Onboarding ‘Musts’ to Ensure Successful Contract Management”Contract Logix Publishes “Contract Management KPIs: Ammunition for Optimization”View All >> Questions? Contact Us 1-866-371-4445...

Contract Management Software Vs. Excel Spreadsheets

It’s one thing to view your data and to have the ability to filter your data, but it’s completely another process entirely to truly manage your contract data in a way to help you maximize the value and benefits of these contracts. In order to maximize the value you need to have contract management software that is proactive about keeping you informed of important milestones dates, compliance issues or language elements within these contracts.

Understanding the Contract Management Process

One common misunderstanding of why people believe that they don’t need a contract management software is that they don’t have a full grasp of the contract management lifecycle. Some businesses fail to correctly account for the amount of time that their staff dedicates to each of the phases of the contract process.

Preapproved Contract Language with Contract Creation Module

Contract Management Systems today are unique and can really speed up the contract creation and authoring process. An example of this is contract creation and authoring. Many contract systems have full-featured Clause and Template Libraries, which not only store and organize your language, but…

The Contract Approval Process: Multi-Party Review & Approval

Many organizations today require their contracts to go through multi-party review and approval processes. While this is important for the business to gain tremendous incite into the commitments as well as to have multiple eyes on the contract obligations, milestones, and other terms;  it can be a quite difficult and challenging to manage the document revisions and all the associated language throughout the process.

Important: How Do You Manage Your Contracts?

Nowadays contract management is more important then ever! Today’s businesses face unique challenges every day and their agreements hold a stock pile of information which can arm them with the right information to meet these challenges. Often organizations, however; don’t have an easy way to access this important information. It’s typically locked away in a file cabinet, or in a complicated spreadsheet, or the business can’t find it at all!

Important Contract Management Considerations

Is your business set up correctly to engage your potential customer(s) and start realizing potential revenue. Managing contracts is an extremely important part of the selling and prospecting process, and businesses should pay close attention to contract management to avoid potential risk, and payment issues.

Paper-based Contract Records are likely to become a thing of the past!

In this electronic age, and more importantly, going forward, paper-based contract records are likely to become a thing of the past. It will become more and more essential for enterprises to have data within any sales contracts, at their fingertips. This type of data will be used for historical analysis, as well as forecasting and risk assessment and analysis.

Analytics for Contract Management

Analytics is one of the new hot buzzwords in the technology forums.  Opening any online or hardcopy tech journal today will include a few paragraphs buried between cloud computing and virtualization about what a company must do to enhance its analytics strategy.

Manage Your Risk With Contract Management Software

Contracts represent binding agreements between two parties, such as a business and an external contractor.  These agreements become the bedrock of business continuity by guaranteeing supply in a manufacturing process, securing intellectual capital to spur innovation, and augmenting workforce capacity to meet customer demand.

Going With the Flow

When speaking to a prospect we always ask why they are looking for a contract management system. One of the main reasons we hear is that they are looking for a better way to streamline and manage their contracts throughout their review and approval processes.  

Business Benefits of SaaS Applications

Software-as-a-Service (SaaS/Cloud) applications offer today’s businesses lower cost of ownership, state of the art versions of software (applications), faster time to production, rapid user adoption, superior infrastructure and computing environments, and little to no IT staff and resource requirements – are distinctive SaaS benefits that companies which have adopted On-Premise applications can not provide for themselves.

An Easier Way to Manage Your Contracts!

Contract Management Software can make managing your contracts easier and quicker – while never missing important contract dates! Typically contract software has all the features you’ll require, such as…

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