The Panama Papers and the security benefits of the Cloud?
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.
We have all seen the headlines, each week it seems like another major business’s reputation is at stake due to a data breach of some kind, costing thousands of customers their personal information. While credit monitoring and other services for customers can help bring back customer confidence, the fact that a modern major business can be so vulnerable to cyber-attacks and that cybersecurity is such an issue is enough to make any board member or CEO lose sleep at night.
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.
Manage and Capture Your Unstructured Data!
In 2012, IDC conducted research on the digital universe in 2020. Based on the outcomes of that research, IDC estimates the world’s information is doubling every two years. By 2020, the world will generate 40 exabytes of data, a 40-fold increase from 2010! However, almost all of the current (approx. 90%) data is considered unstructured.
There is a trend we’ve seen building over the last few years, and we think it’s one whose time has come. It’s the rise of operations within in-house legal departments. It’s an understanding that applying sound business practices to legal operations not only increases efficiency, it helps the company’s bottom line.
Most general counsel and procurement officers would probably agree that collaboration in contract negotiations is a challenge even when all parties are in the same room. So what happens in our virtual world where the new normal is that people are spread across multiple locations and time zones? What does virtual collaboration look like?
At ContractRoom, our mission is to make contracting easy and efficient. I recently came across an article by Cindy Cox in Inside Counsel about making the contracting process more efficient. The article, Contracting efficiency for your legal department in 3 easy steps, is a good read. And Cox’s advice dovetails perfectly with what ContractRoom offers.
As a business leader, you know you can’t control every aspect of your business. That’s why you hire good people. However, there are some things you should be able to control, and your contracts should be at the top of that list. So often, though, drafting contracts quickly spirals out of control—the process become unwieldy and it’s impossible to follow all the changes and revisions to the content.