Contract Redlining Best Practices
Contract redlining best practices: How to Prepare Your Company in 2022 Contract redlining is a vital part of your contract management process and you shouldn’t leave it to chance. Yet, many companies are using tools from last century to manage document redlining and negotiation, which are wasting time and resources, causing mistakes, and damaging relationships […]
What is Contract Leakage and How Can I Fix It?
No matter what kind of business you’re in, your business relies on contracts. They are the basis of almost all our relationships — from suppliers to customers, partners, contractors, and staff. It’s essential these business contracts are watertight but the fact is, many are not. What Is Contract Value? Contract value is essentially the monetary […]
Contract Administration vs Contract Management
You have probably heard your team talking about contract administration and contract management. The two terms are used interchangeably but they’re actually different processes. Getting a handle on the contract workflow at your organization is vital to managing your contract load and prevents mistakes like going into a contract negotiation late or unprepared. It also […]
Contract Drafting Best Practices for Your Small Business
Contracts can be daunting for small business leaders but you can rely on contract drafting best practices. With a bit of planning and the right tools, you can get what you need and protect your company from breach. Contract Drafting Process The first step in the drafting process is to get clarity on who the […]
12 Contract Terms Every Small Business Owner Should Know
Contracts are getting more complex and it’s hard to get a handle on all the contract terms in documents that can stretch into the tens of pages. But that doesn’t mean you can slack off. Law firm DMSHB says many small business owners “treat contracts like consumers,” failing to review them carefully and failing to […]
The Importance of Real-Time Collaboration in Contract Negotiations
To say that it’s hard to negotiate contracts when the two parties involved are not present at the same time is an understatement. Sadly, because of the current situation, it has become even more challenging to meet and discuss the contents of contracts in person. The good news is that the best contract management platforms […]
Why Should ERPs, CRMs, and CPQs be Integrated with Contract Management Software?
Now that we’re nearing the end of another financial year, more businesses are getting on their feet, trying to make the most out of the last few months to increase revenue and maximize profits. However, strategizing and planning isn’t all that happens during this time. During this last push, you may notice some business operation […]
Understanding the Importance of Digitally Transforming Contract Management
If you’ve thought that society is becoming more digital than ever, it’s not just you! “Digital” is undoubtedly the perfect word to describe the recent events of the new decade. The fusion of advances in AI, the Internet of Things, quantum computing, and other technologies make up the collective force behind the indispensable products and […]
Which Key Points Should be Covered in Your ERP Contract?
Having an ERP contract is paramount for businesses that want to outline each point of their project. Aside from detailing the resources and business data is important for the relevant parties, there are several key points that should be outlined in it as well. Being able to name these points in a contract will be […]
How Healthcare Organizations can Implement a CLM System
If there’s one crucial lesson COVID-19 taught us, it’s that industries can find more efficient, effective, and electronic ways to offer their products and services to customers. Physical processes involve risks, such as minimal social distancing and increased chances of spreading COVID-19. While applicable to the business sector, how does electronic efficiency and effectiveness positively […]