To implement effective contract lifecycle management, many businesses opt for contract management software that includes modern features such as standardized contract templates and AI integration.
AI contract management tools cut the time required to review and summarize contracts, all while reducing errors and mitigating risk. Take a glimpse at some ways you can save time and ensure accuracy with ConvergePoint AI.
Contract management software-assisted negotiations streamline the process, enabling businesses to leverage software tools for effective communication and document management.
AI-assisted tools can generate, analyze, and compare contracts far more efficiently than manual methods. Moving forward, these tools will play an integral role in enhancing the value of the contract management process across industries.
The role of contract management in this challenging manufacturing environment now entails much beyond being a procedural requirement; it has become a critical and essential strategic function towards mitigating risks.
Download this white paper, which outlines the benefits of an efficient contract management system: The longevity and profitability of your business are determined by how well you negotiate, fulfill, manage, evaluate and renegotiate contracts with customers and partners.
Contract management is vital for an organization to simplify contract creation, improve the contract lifecycle, and ensure security.
If you are looking to optimize your contract management processes and streamline your workflow, the ConvergePoint software platform is an ideal solution
The sales department dedicates itself to closing deals, and managing complex negotiations to secure contract agreements that benefit both the company and the customer. The trust they build is evidence of their commitment and the promises they will continue to passionately fulfill.
Creating and managing contracts requires a coordinated team of individuals to funnel each document through every phase. Depending on your timeline, your team may spend months organizing every party, negotiating any terms, and finally approving the contract.
Often, the buy-side of contract managementsits at the opposite end of the spectrum — and the opposite end of the office — from the sell-side of contract management. Some companies have a greater need for buy-side versus sell-side, or vice versa, and often, companies choose to focus on one over the other, meaning the goals for each side are very different.
Increases in technology, reporting analytics, and business intelligence have revolutionized the way business leaders approach every business process including, Contract Management. However, many business leaders are still left in the dark about how ;Contract Lifecycle
Whether the contract has just been drafted and is going through initial review, or the contract has been approved and is ready to be signed and executed, does your legal team have a process in place for reviewing a contract?
All contract management software vendors talk about the features of the system — the nuts and bolts — and how these features translate to benefits for your legal team. Automating the contract workflow saves your legal time and resources, prevents your team from missing a contractual.
Within the modern business model, the complexity of contracts, contract terms and contract conditions is growing. The number of contracts requiring proper management is also increasing. Managing contracts manually is a huge burden on an organization and can result in higher risk and costs.
On a day-to-day basis, your legal team manages all aspects in relation to your company’s contracts. With so many moving parts in your fast-growing organization, managing these contracts can become a nightmare if you are not equipped with the right tools. Keeping track of who is joining
The performance of legal teams is directly affected by their level of cohesion. Just like any team, disturbances
You’ve probably seen firsthand how mismanagement, errors and delays in the contract renewal process can affect your bottom line.
Is your team managing all incoming contract requests in a streamlined manner? Are people within your organization asking your legal team to work on contracts even before a budget has been approved for the project? Are you having a tough time tracking all of the requests
Managing hundreds and thousands of contracts can be a difficult task. Contract lifecycle management best practices like these 7 tips we have put together can help eliminate bottlenecks and increase, as well as recognize, revenue.
Find out more about ConvergePoint SharePoint Contract Management Software Contract Management Software Overview
On a daily basis, it’s easy to get comfortable with the current business processes running within your organization. After all, your business may have operated this way for a number of years and your processes don’t necessarily need constant updates to be successful.
How much is the contract worth? How much value does your business gain from that contract? Most importantly, are those two numbers the same or similar? A contract doesn’t just outline the negotiated details between you and a vendor; the contract details and fulfillment of the
Your sales team works hard to provide a smooth customer journey that starts with a potential client’s desire for a product or service and then transitions to brand awareness, contract negotiation, and hopefully a sale. The journey can go a lot smoother if a contract lifecycle management (CLM)
Compliance professionals who manage contracts know how important it is to produce flawless documents. No two contracts are ever alike; they each have their own codicils and clauses and important terms that might have required months of negotiations. Nothing less than complete
Construction is a beast of an industry–high-risk, hazardous, and highly competitive. Relying on contractor and sub-contractor inputs is a challenge, but add safety and health to the equation and it makes the load even tougher for any construction professional.
Efficient contract lifecycle management is gaining importance as we move to a service-based society where the rules of our offerings are outlined in the contracts we negotiate with one another. Contracts legally bind us to our obligations while detailing what those obligations are.
Nothing happens in business until somebody buys something. The old adage is as true today as it has ever been. Increasing global competition presents your prospects with a dazzling array of options, and it doesn’t matter whether you try to compete on product, price, promotion
We can all learn lessons from others. In business, there are thousands of books sold by corporate leaders to Olympic athletes explaining how to be better leaders and executives, how to communicate more effectively, and how to create more custom-centric work environments.
Many times it’s what a party does beyond providing the service or goods agreed to in the contract that makes a renewal a successful non-event. Adding value to this relationship is a critical part of growing a relationship with a client to make them satisfied and to retain them as long-time customers.
When preparing to negotiate a new contract or a contract renewal, organization will be your strongest asset. Having access to all key information in a contract, understanding of the requesting department’s needs and notes, and in the event of a renewal, historical evidence of compliance with the agreement
For a number of years, businesses around the globe have integrated various contract management processes to get a better grasp of their contract lifecycle. These businesses quickly found the benefits of having some sort of contract management platform, inspiring new organizations to look for contract management
The complex relationship between contract managers and their procurement counterparts features a core value expressed by both parties: improving business results. Contract managers are in charge of handling all of the contracts in an organization and effectively managing their full lifecycle. Meanwhile,
Whenever professionals agree with signing a contract, a very important aspect of the contract is its renewal status. Every contract is slightly different, including whether or not contract renewals are automatic. This becomes problematic as organizations typically have hundreds if not thousands of agreements
Six Sigma in Legal Processes ConvergePoint Contract Management Software is an easy-to-use and effective tool that allows an organization to implement these methodologies to improve efficiency, reduce costs, and deliver added value to clients
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Globalization and the advent of online shopping have made the transportation and logistics industry a booming business worth trillions of dollars. Despite a hard-to-predict future with a looming recession, union-worker strikes, trade wars, and potential tariffs on imports shaking things up, service providers are still prioritizing
If your contracts department suffers from a checkered past and an under-resourced or disorganized present, the prospect of auto-renewed contracts can seem like an answer to your prayers. If each contract renewal represents a scramble to find the original paperwork, verify that all performance criteria have been met,
The contract manager’s job description, status and responsibilities vary from company to company, but the position is a necessary and critical part of any organization. They’re often required to have a legal background so they can draft, negotiate and execute contracts, as well as have enough
To succeed in their roles, contract administrators and managers must have a meticulous eye — making sure every ‘t’ is crossed, every ‘i’ is dotted, documents are formatted consistently and all contracts are written as precisely as possible.
A couple of weeks ago, we provided guidelines and questions to ask your legal team to help you evaluate the effectiveness and efficiency of the contract creation (contract requests, creation, review, approval and execution) side of your current processes. What happens once the contract has been executed
The National Contract Management Association defines micro-managing as “a management style in which a supervisor closely observes or controls the work of an employee” in its 2007 article, “The Consequences of Micromanaging.” No matter what your role in the company, whether entry-level employee
A main selling point of contract management systems is that they send contract managers automated reminders when a contract is due to renew, expire or needs renegotiating. You recognize that letting uneconomical contracts auto-renew is costly, and know that they need review, but what’s the next step?
ConvergePoint Enterprise Contract Management System, built on Microsoft SharePoint (available on Microsoft SharePoint 2016, Microsoft SharePoint 2013, Microsoft SharePoint 2010 and Office 365 – SharePoint Online), automates the contract management process, ensuring
The ConvergePoint Structured Contract Request Form is a Microsoft Word Macro-Enabled fillable-form that incorporates the best practices for structuring contract requests, so your employees don’t leave out the crucial details your legal team needs.
Download this white paper, which outlines the benefits of an efficient contract management system: The longevity and profitability of your business are determined by how well you negotiate, fulfill, manage, evaluate and renegotiate contracts with customers and partners
How do your paralegals and legal administrators spend the majority of their day? Do they go on wild goose chases looking for contract information? Are they worried about missing emailed contract approvals or contracts that have mysteriously fallen off the priority list?
As an IT project manager or SharePoint administrator with your own job tasks and processes, it can be a challenge to evaluate software vendors based on the needs and from the standpoint of another department, especially without knowledge of their processes and goals.
“Process improvement” means to make things better. The best way to improve the contract management process is to identify the root cause of an issue and think of ways to correct it. This may not be an easy fix. Most of the time process improvement involves analysis of why events occur with a certain result.
When it comes to automatic renewal clauses in contracts, complacency can be the quickest route to financial loss. Often, a significant amount of diligence is required to ensure no deadlines are missed in the contract review process. However, without a contract lifecycle management (CLM) solution in place
When you think about all the things that eat up your productivity at work, do you find that you are wasting a lot of time on contract-management tasks? When you are responsible for hundreds or even thousands of contracts, it becomes critical that you manage your time as wisely as possible.
The construction industry is built on business partnerships — nurturing your customers and vendors, as well as defining how your relationship will work in the form of contracts. Contracts with vendors, subcontracts, architecture firms and other partners are key documents that all contractors must deal with on a daily basis.
Whether you’re looking to overhaul or refine current contract processes, start at the beginning — with contract requests. Often, legal departments’ inefficiency stems from juggling and prioritizing the volume of requests, which come to them via email, phone calls, handwritten notes and comments made in passing.
Recently, audits of local and state government agencies — in California, Massachusetts, Texas and elsewhere — have revealed costly oversights in their contract management processes: Entering into contracts with entities that have ties to agency staff, resulting in conflicts of interest and thus contract abuse
Risk assessment is an integral part of risk management, especially when managing contracts. With our Risk Assessment checklist, you’ll be able to:
From start to finish, the entire Contract Management life cycle is a lot like the all-American, family road trip. Although nowadays, actual road maps have been replaced with cell phones, GPS systems, and built-in navigation systems, there is still something quintessential about the old crinkled up, hand-held map.
Without committed, experienced contract managers, it’s virtually impossible to have an efficient contract management system, whether your organization relies on Contract Management Software or not.
Ask this question to any paralegal, attorney, or member of an in-house legal team, and you will be surprised at the variety of responses. I’ve gotten the full spectrum, “We don’t effectively manage our contracts, I am calling you because we’re inadvertently renewing contracts and I keep missing important dates.
When the ink dries on a brand new contract, legal and compliance teams rejoice that the lengthy process is over. During the creation, negotiation, review and approval stages, a lot of hard work and resources making each contract come to life. Eventually, these contracts are set to be renewed, requiring immediate action to make sure these contracts remain updated and that all verbiage remains appropriate.
Perhaps the most common challenge organizations face in the management of their contracts is the process of the contract renewal. While the focus of the renewal process is often placed on tracking the appropriate renewal date, an aspect that is often overlooked is the renewal type.
In our Cost of Non-Compliance Series, we have been discussing the four major costs associated with non-compliance. The first week we discussed Resources, this week we are discussing Penalties. When it comes to Contract Management, here are the costs associated with non-compliance penalties.
It never gets less exciting when a new client comes on board. Clients are eager to get started playing with their new contract management system, and our IT support team can’t wait to show them all the tools, tips and tricks to using the software.
Banking and financial institutions, perhaps more than any other type of business, must be constantly on alert for cybersecurity breaches. Their customers entrust them with a large amount of data, and financial firms’ business depends on the ability to protect and secure their customers’ information.
The first step to contract management operational excellence is taking a step back to access the current process and determine where there are gaps and if and where there is room for improvement. The 2015 Operational Improvement Innovation Award winning organization evaluated the status
Effective contract management is a critical component of your business infrastructure. Everything your sales and marketing people have promised can be undone with a simple clerical error. Even if the product or service exceeds customer expectations, the overall customer experience
Your organization has made a significant investment in SharePoint. Making the most out of your organization’s SharePoint IT ecosystem can be highly useful when it comes to managing your contract management processes. Although SharePoint provides some functionality in dealing with contract management,
Take a look at how your company’s contracts are organized and how your team communicates when working on those contracts.
The Health Insurance Portability and Accountability Act (HIPAA) is increasingly stringent on enforcing its privacy and security rules upon healthcare institutions.
Contract management in healthcare may be complex because you are involved in various business associations, have contracts with patients, and enter into vendor agreements.
Maximizing Compliance and Risk Mitigation with ConvergePoint and Microsoft 365 SharePoint whitepaper is the ultimate solution to improve compliance management and minimize risk across your organization, saving time and reducing the risk of non-compliance.
Download a case study conducted by ConvergePoint with a US Pharmaceutical company.
Risk management is imperative in any contract management process, especially considering the possibility for complications on any given day.
An efficient contract management system will not help your healthcare organization realize cost savings if the managed care contracts put into it are not well-negotiated so that they benefit both you and the vendor.
It’s easy to get nervous and overwhelmed when you are tasked with choosing a new contract lifecycle management (CLM) solution that will suit your organization.
Using electronic signatures saves time and paper. But when seeking approval on a document, what constitutes an enforceable act?
Take the first step towards empowering your contract lifecycle management. Download our comprehensive guide on leveraging Microsoft Office 365 SharePoint for contract management software.
In the face of ever-changing healthcare regulations, hospitals and other healthcare provider organizations face tightening budgets yet growing operating — particularly compliance-related — costs.
Take the first step towards mastering contract management. Download our comprehensive guide to establishing a successful contract management system today.
In every sector, contracts and legal agreements are an integral part of conducting business. While the words "contract" and "challenge" may not be synonymous, challenges are inherent to the realm of contracts.
If the prospect of another large and complicated deal landing in your inbox fills you with dread, your Contract Management System may be out of control.
Do you typically spend a significant amount of time searching for contracts? Are you consistently aware of upcoming contract renewals?
Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book.
Writing, approving and implementing contracts will never enter the top ten list of most exciting things to do, but each step of the contract process is essential for all businesses of any size.
Supply chain management, healthcare organizations’ second most expensive cost after labor, will become a central discussion as executive leadership looks for ways to better manage and curtail spending.
A business contract or agreement can take numerous forms. Depending on the industry and business type, the number, scope, and even the name of contracts changes.
Are you tired of drowning in a sea of contracts and legal documents? Do you find yourself struggling to keep track of important deadlines and obligations?
According to the research conducted by Grand View Research, the global software as a service (SaaS) market had a valuation of USD 261.15 billion in 2022.
In an industry characterized by extensive paperwork and a strong emphasis on meticulous attention to detail, the incorporation of contract management software can revolutionize the legal landscape.
The management of contracts within your organization can be challenging, making it possible to unintentionally violate an agreement.
Effective contract management is crucial for organizations to ensure compliance, mitigate risks, and streamline operations in today's fast-paced business landscape.
Simplifying Complexity Contract negotiation software empowers legal and contract management teams to streamline the contract lifecycle, from creation to approval.
In the dynamic business landscape, legal teams play a critical role in corporate decision-making, particularly when it comes to contract management.
A contract lies at the core of most professional connections. Whether you're negotiating, reaching a consensus, or finalizing a transaction, a contract serves as the binding document that solidifies all parties' responsibilities, entitlements, and obligations.
Contracts form the backbone of any business, serving as the foundation for transactions, partnerships, and agreements.
Contract management is an essential business function that should be easily accessible and comprehensible throughout an entire organization.
In the dynamic business landscape of today, contract tracking software has emerged as a vital tool for organizations aiming to streamline their operations and maximize performance.
Contract management mistakes are prevalent in businesses of all sizes, regardless of the competence of their legal teams.
The reputation of any business relies heavily on its adherence to contracts. Failing to meet contractual obligations puts your business at risk of damaging its reputation.
Contracts serve as the cornerstone of legal relationships within the business realm, delineating the entitlements and obligations of the concerned parties.
Optical Character Recognition represents an advanced software functionality that leverages artificial intelligence (AI) to transform a scanned contract or document, previously in image form, into a usable dataset.