In this blog post we explore the contract management challenges financial services face and how AI-powered CLM can turn these challenges into opportunities.
Large companies deal in contracts in thousands every year. Managing these contracts become a task without customizable, centralized dashboards. These make monitoring and viewing contracts at all times easy and convenient.
Sophisticated contract management solutions can help cultivate a COE approach through streamlined processes, automated workflows and KPIs and metrics.
Contracts play a significant role in fostering business relationships between two parties. These written documents are legally binding proofs of business transactions between organizations and hold all key information, clauses and regulations that both parties need to abide by. This makes contracts the center of any professional relationship and managing them effectively becomes vital for a company’s financial and reputational standing.
With sales operations teams being in constant pressure to win and close new deals faster, contract management acts as a key to increase their efficiency, sign-off contracts quickly, and onboard customers without delay.
Best practices and proven steps to follow in order to ensure successful adoption of contract lifecycle management in legal operations
This blog discusses the top 5 skills every legal ops professional whould possess to run all functions of legal department including contracts smoothly.
CLOC Institute, a premier gathering of legal operations professionals, leaders and decision makers will be held at Bellagio, Las Vegas from 14th to 16th May 2019.
Banking laws apart from being strict are also continuously changing and updating, posing a huge challenge to the banks and financial institutions to keep up. With changing regulations, it becomes necessary to update each of the contracts to reflect the new regulations and stay compliant.
To cope with strict regulations, increasing cyber threats, growing customer expectations & changing compliance laws, BFSI sector urgently needs to deploy advanced CLM.
Part II – 4 Contract Management Metrics to Continually Measure and Optimize your Contract Performance
In this 2nd part of the series, we bring to you, the next two metrics addressing pre-award and post-award compliance that will not only make your company compliance ready but help you avert any unprecedented risks right away.
Part I – 4 Contract Management Metrics to Continually Measure and Optimize your Contract Performance
4 important contract management KPIs that'll accelerate the working of Legal & Sales operations, reduce costs and contract turn-around-time and optimize contracts.
To unlock the full value of your sell-side contracts, your contract management systems should be capable of simplifying tasks for the sales teams by streamlining and standardizing contracting processes and integrating CRM systems with CLM platforms.
As your business grows, your needs evolve, and so do the complexities of your business transaction record-keeping – a.k.a. contracts. Rings a bell? Recordkeeping or database management for your entire set of contracts is a humongous task and is best not left to run-of-the-mill document management systems. We will tell you why!
According to PricewaterhouseCoopers, the average Fortune 2000 company holds around 20,000-40,000 active contracts. Imagine having to manage such a large number of contracts throughout their lifecycle without any technological aid! Sounds overwhelming right? In most cases, the responsibility of drafting, authoring, reviewing and managing a huge portfolio of high-value contracts falls single-handedly upon the legal function where the execution of the same is largely the responsibility of the legal department operations (LDO) team.