Inefficient contract management can take its toll on overburdened legal departments. But it’s not only a matter of wasted time. Poor contract management can also cost your business dearly. According to the International Association for Contract and Commercial Management (IACCM), inefficient contract management can cost businesses as much as 9% of annual revenue. In fact, inefficient processes can result in financial losses […]
Contracts are the lifeline of your business: the vast majority of business transactions are indeed determined by a contract. Any mistakes or inefficiencies in this process can increase the company’s liability and have a significant impact on the business. Rightly so, contract automation tools are gaining in popularity. However, according to an Apttus survey less than half of respondents have invested in an automated contract management tool. […]
While contract management is a necessity these days, adoption of digital processes across the business remains a challenge. At a time when data breaches and increasingly complex regulations are becoming the norm, organisations can’t afford to keep tradition contract management processes. Not only is tradition contract management inefficient, but manual, paper-based processes expose the business to risk and overspending. […]
It’s no secret that lawyers can be control freaks, but one area that seems to consistently slip through their fingers is contract management. If you feel as though you lack control of contract management processes in your business you are not alone. Whether it’s due to a lack of planning or information overload, many legal departments struggle to gain visibility over contracting. As a result, inefficiencies translate into delayed decision-making, misunderstanding of peoples’ responsibilities, and missed opportunities to improve performance.
Today’s legal department is under pressure “do more with less”. Executives expect the legal department to be a true business partner, helping the business achieve their goals, creating value and keeping a keen eye on costs. To deliver on these expectations, legal leaders look to technology solutions to help them drive efficiency, generate insights and control costs. With many legal technology solution providers in the market, it is important that to select a vendor who will cater to the needs of your legal department and the long term objectives of your business. […]
Optimising the way your legal departments operates can be a tedious process if not planned and implemented well. It used to be that only large corporate law departments could afford to optimise the delivery of their legal services by hiring dedicated legal operations functions. However, nowadays, with the right technology, even small legal departments can innovate, without taking time away from […]