Defining a corporate IT strategy can be one of the most difficult feats undertaken by corporate managers today. The IT landscape is continually changing with new software and capabilities emerging all the time. Picking one that is right for your business and the manner in which you leverage your software can mean the difference between corporate success with high productivity and efficiency, and failure due to wasted time and resources. In order to properly plan your IT corporate strategy, you need to first assess your current situation and decide whether you are wired, tired, or expired.
'No one ever gets fired for buying IBM’ is a well-known phrase. This brilliant branding tactic suggested that choosing the larger, more established option, was the right decision for a corporation, not because of any intrinsic quality but because it's was the industry standard. However, is this really the truth today?
Where does one start when trying to select the right corporate software to achieve a goal or fulfill a need within a business? There are currently so many different corporate software options with products changing and new offerings coming to market daily. As a corporate manager, it can be difficult, and even a daunting task to evaluate which software has the right functionality, the right price, and the right model to fit your business while trying to avoid buyer’s remorse or realizing, after completing an expensive implementation, that another product does exactly what you want it to do.
How the new wave of contract management software is reducing time spent negotiating
Is it possible to use data analytics and clause standards to make the contract negotiation process more efficient? Certainly there are situations where standard contracts are routinely used and it’s undeniable that this saves time and money. For example, imagine how much longer standard real-estate processes would take if each time an agreement had to be drafted by scratch.
Current contract management processes are lacking proper rules and controls. Why is that a bad thing? Well, serious consequences typically arise from lack of oversight during the negotiation phase or mismanagement of contract commitments after execution.