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Automation for Procurement Contracting

By ContractRoom on Aug 2, 2018 3:12:43 PM

Across industries and in our global economy, procurement contracting has expanded significantly.  Procurement officers are tasked with sourcing and managing the acquisition of all goods and services for their company or government department, as well as authorizing and negotiating renewals and terms. This is a tall order with many variables and challenges to consider. So how can procurement officers keep everything straight and what tools can they use to make their job a bit easier?  ContractRoom offers the perfect solution for procurement professionals.  Below are a few ways that ContractRoom has transformed procurement contracting.

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4 ways to overcome resistance to New Tools in your Company

By ContractRoom on Jul 26, 2018 11:40:39 AM

In our technology driven world, we’ve developed a new branch of humor dedicated solely to technology “hold-outs” that invariably includes our grandparents, rotary phones, and foot stomping resistance to anything that disrupts the status quo. The same is true for companies that introduce, on a large scale, a new tool or new process that will require employees to pivot and follow an unknown course.  These new ideas can be met with disdain, fear, and even outright defiance. So how can we ease resistance and encourage full participation, particularly when there’s clear evidence that the new tool or platform will make them more productive?  Here are 4 ways to help the transition toward progress.    

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Smart Contract Operations - Contract Compliance

By ContractRoom on May 24, 2018 9:34:08 AM

Nothing can strike fear into the hearts of attorneys or businesses like “breach of contract.” Contract negotiations are tedious, exhausting and overwhelming. When a hard fought executed contract is found to be non-compliant, the results can be devastating to all parties involved. While a simple verbal contract, which meets minimal criteria can be legally binding. For business transactions memorialized in writing, contract compliance is significantly more rigid and complex.

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Things to watch out for (and avoid) in contract consulting agreements

By ContractRoom on Dec 13, 2017 6:00:00 PM

Traditional contracts can have several pitfalls that can be avoided through the use of technology. Think about what a contract traditionally has been: a single, lengthy, paper-based document that is time consuming to create and, therefore, does not get updated regularly.

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What’s the future of contracting and the Blockchain for business transactions?

By ContractRoom on Dec 8, 2017 5:00:00 PM

With emerging technologies like blockchain ledgers and decentralized markets taking hold, business managers can fully expect the business contracting environment to change dramatically in coming years.

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How effective is collaboration in negotiations with contract lifecycle management software?

By ContractRoom on Sep 13, 2017 6:03:29 PM

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?

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Technology Makes the “e” in e-Discovery Stand for Easy

By ContractRoom on Jul 23, 2015 6:07:53 PM

top view of work station.jpg

It may be a slight exaggeration to claim e-Discovery could ever really be easy. The tremendous amount of information created and stored electronically makes complying with rules of discovery in civil litigation a challenge. And that is never easy. But avoiding court sanctions and penalties for non-compliance — not to mention the staggering cost of collecting and reviewing the data — is the goal of any legal team, and with the right technology tools, managing the e-Discovery process is as easy as it can be.

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Structuring Unstructured Data in Contract Management

By ContractRoom on Jun 12, 2015 10:09:27 AM

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.

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Automation: the Future for In-House Legal Departments

By ContractRoom on May 29, 2015 2:28:05 PM

businessman on a rocketThere 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.

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Contract Management Needn’t be a Concern

By ContractRoom on May 13, 2015 11:20:31 AM

Easy work.jpgIf you have some concerns about your business’ contracting practices, you are not alone. Huron Consulting Group, conducted a survey with legal technology professionals, and more than half (57%) of the respondents said they are concerned about their company’s contract management procedures.

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