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Collaboration Is Key To Contract Risk Management    Submitted as: rishi
isks are inherent in any contract. Risk management is all about working within the acceptable levels of risk and proactively managing the accepted risk exposures. Making the Legal team solely responsible for minimizing risks is not an effective risk management practice. A contract can create many types of risks – delivery, quality, financial, reputational, legal, statutory, and others. At the most basic level, the risk management requires a multi-functional approach with all stakeholders participating in the contracting process. They must collaborate during drafting and negotiations to identify, evaluate, and minimize risks in their respective domains(read entire article)
View : 248 Times
Category : Hardware/Software

Benefit Of Clm    Submitted as: rishi
No matter which area your business is focused in, you probably deal in contracts every day. These contracts every day are responsible for either expanding your events to new heights or if not carefully looked upon, may cause your company a hefty sum. So in all we can agree contracts are of vital importance, and complying each successfully is a heavy job to do. On average, organizations lose 9.2% of revenue due to poor contract management. But are you managing your contracts and fulfilling obligations in a way that generates the most revenue? Here Contract Lifecycle Management (CLM) comes into play. Markets in India in the recent decade have realized the importance of CLM platforms like smartContract to benefit and manage the increasing volume and complexity of contracts.(read entire article)
View : 250 Times
Category : Hardware/Software

How To Prevent Revenue Leakage With Contract Lifecycle Management?    Submitted as: rishi
As the need for automation is increasing, the demand for Contract Lifecycle Management solutions is also growing. According to a study by IACCM, more than 70% of the international corporations considered contract management as a “major or significant source of operational weakness” and that improvement in the field can lead to better risk management and prevent revenue leakages. People are after faster and more streamlined workflows while maintaining the integrity of the results. Like faulty pipes lead to leakage of water and causing mayhem, similarly faulty organizational processes and inefficiencies can result in revenue leakage, which may amount to a hefty sum of money. Studies show that organizations on average lose an estimated 9% of annual revenue due to their inability to manage contracts. The most common causes of revenue leakage nowadays are due to missed deadlines, contract plotholes, skipped renewal and inconsistent workflows. A revenue leak may go unnoticed until it has reached a 5% impact on the overall bottom line of the organization. But, all leaks eventually add up and can create a havoc; even a leak as small as 2% means a revenue loss of $1M for an organization earning $50M annually! These reasons are major contributors as to why your revenue-producing initiatives falling through the cracks.(read entire article)
View : 335 Times
Category : Hardware/Software

Importance Of Digital Signing In The Time Of Pandemic    Submitted as: rishi
We are probably stating the obvious here, but this is a challenging time for every business. Businesses are finding it hard to carry out their operations as the global lockdown has confined most of their workforce to their houses. The businesses are consistently taking the help of various technology solutions for making their remote teams run the business as usual. These experiences are not only making them realize the critical role the technology can play in their business continuity plans, but it will probably also prompt businesses to reassess their digital transformation strategies and push the digital transformation initiatives forward with a greater sense of urgency. At smartContract we have been closely monitoring the impact of the current situation on the legal operations. Businesses run on contracts and contracts are simply a piece of paper until they are validated with signatures. In India, where an ink signature is common and prevalent practice, suddenly signing of contracts has gone beyond our reach. We are facing a big question of how to execute contracts in these circumstances of lockdown and social distancing.(read entire article)
View : 244 Times
Category : Hardware/Software

Contract Liefcycle Management Software: 6 Questions You Need To Ask    Submitted as: rishi
Contracts are the veins of a company. Statistically speaking, contractual agreements account for 60% to 80% of modern business transactions. Only 16% of organizations have developed a CLM system while the rest are still following the equivalent of old-school contracting, where there is no concrete contracting strategy and limited visibility of key contract issues. Without proper functioning and maintenance of contracts one can suffer business and revenue losses on a substantial level. For every business, managing contracts and obligations have now become a critical task. Paper based contracts make one's job frustrating and difficult. With the age of digitization what once was done in an hour can be resolved in minutes, and so contract management softwares came into being. Contract Lifecycle Management Solutions like smartContract are now getting popular by the day. They have become a savior in this world of chaos, with streamlined workflows, dynamic dashboards and obligation management modules. A Contract Lifecycle Management (CLM) software can give you an insight into contract data, ability to collaborate, time and cost savings and better decision making ability through low risks. The utility of a CLM solution depends on how business information from those contracts are extracted, analyzed, distributed and queried by the people who actually have to administer and monitor the signed contracts. Maximizing their utility means transforming contract language into concise, easy to understand information that helps decision makers not only increase productivity but also provide better results. But as it is said, as the demand increases, so does the number of service providers. Thus, it has become very essential to enterprise and organizations to ask the right questions before deploying any CLM software. The six questions below will facilitate a self-evaluation that will help you identify strengths and weaknesses to look out for in a contract management process.(read entire article)
View : 345 Times
Category : Hardware/Software

4 Main Problems Faced By Contract Management Users    Submitted as: rishi
Contracts are easily one of the most essential parts of any business. Thus, managing thousands of contracts can become complex, challenging, and time constraining. Organizations often run into the same common issues that slow down the entire contracting process. It is the contract manager's job to ensure compliance with what's written in the contract, manage further obligations and meet the correct deadlines. Hence a clear, comprehensive and enforceable draft is necessary in order to successfully execute any contract. Not having the perfect contract management and drafting practices, leads to loss of assets and potential business. Yet managing contracts doesn't have to be this way—it can be simple, easy and streamlined. With a fast, easy and reliable contract management platform, companies can solidify processes that will help avoid pitfalls altogether. Some of the major issues faced by contract management users are mentioned below: Lack of Involvement and Clarity One of the biggest pitfalls in contract management is the lack of clarity and scope of the goals and agreements among the involved parties. Without clear objectives, contracts become daunting and both parties are at risk of signing a contract without being entirely sure of the agreement they are entering into. It is always advisable to brainstorm some of the known issues that may occur in the lifecycle of a contract and negotiate thoroughly before embarking on the implementation process. It usually becomes difficult for the involved parties to meet often to discuss certain points and issues which are then overlooks and in turn affects the lifecycle of the contract. But with the perfect contract management system you can overcome this, like smartContract provides options to present the draft to involved parties either through email or through an online portal called party portal and negotiate contracts easily and on real time basis. You can also avoid security issues as the emails sent containing the contracts can be password protected, thus giving you a better communication and negotiation system.(read entire article)
View : 328 Times
Category : Hardware/Software

What Has Led To The Sudden Rise And Demand For Cloud Based Clm?    Submitted as: rishi
In today's world, businesses rely heavily on contracts. Especially in B2B relationships, doing business on the basis of a verbal agreement and a handshake doesn't work when business relationships are now fully electronic and digital. CLM vendors have improved their products' usability with an average rating of 4.14 for administrator usability and for end user usability, rising from an average of 3.68 in 2016 to 4.12 in 2018, according to a report by Andrew Bartels, Forrester Research Group VP and Principal Analyst. The improved versatility of hosted solutions and affordable cloud-based services has led to many companies pursue a complete digital transformation of their business model. This change is especially prevalent in legal organizations which need newer and more innovative ways to manage their contracts. Forrester expects contract lifecycle management software market “to grow by 18% in 2018 to more than $1 billion in revenues,” with Cloud the dominant deployment model (Cloud deployments are increasing at a rate of 30% year-over-year).(read entire article)
View : 331 Times
Category : Hardware/Software

The New Age Contract Lifecycle Management Solution!    Submitted as: rishi
THE NEW AGE CONTRACT LIFECYCLE MANAGEMENT SOLUTION! Organizations nowadays are striving towards digitalization and getting rid of massive stacks of paper, endless rows of filing cabinets, and clunky, ineffective ways of managing. Everyday a company deals in stacks of contracts and traditionally the management of these documents has been disjointed at best. Contract Lifecycle Management comes in to rescue with systematically & efficiently managing the contract creation, negotiation, execution and analysis for maximizing operational and financial performance. According to a recent survey this need for streamlining workflows is expected to expand from a $1086 million to $3167 million industry — more than tripling in value — within the next six years. The compound annual growth rate for the contract management solutions industry is predicted to be a healthy 16.65%.(read entire article)
View : 237 Times
Category : Hardware/Software

Why Your Contracts Need Your Attention    Submitted as: rishi
The contracts dictate how we do business. They define our relationship with our customers, vendors and all other partners. They outline the terms and conditions – price, service levels, performance parameters, and the business and regulatory obligations. The contracts are the blueprint for the business transactions and they are generally complex in nature. The changing market dynamics, globalisation, new regulations, cost pressures, the need to maximize financial performance, and many such factors have further increased the volume and the complexities of the contracts. Unless we diligently control the contract generation, and regularly monitor and manage the performance of the contracts, the contracts expose us to legal, financial, statutory, and reputational risks.(read entire article)
View : 326 Times
Category : Hardware/Software

Need For Clm In Bfsi Sector    Submitted as: rishi
Over the last decade, the Banking, financial services, and insurance (BFSI) sector has taken steps to improve customer service through efficient, easily accessible and digitally advanced products and services. This has happened through digital transformation. Remember the time when for anything and everything, you had to run to your bank and wait in endless queues. The banking industry has undergone a complete digital transformation enabling us, to complete all transactions quickly & swiftly. In fact, we are discouraged from visiting our banks anymore and everything can be done through mobile apps/ net banking. The speed with which technological changes have been implemented by BFSI industry is commendable. However, considering the dynamic environment in which BFSI sector has to sustain and keep on their toes to meet the ever changing statutory compliances, it is surprising to note that they are lagging behind in their lifecycle management of the contract processes.(read entire article)
View : 195 Times
Category : General