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.
Compliance is expensive and time consuming—keep abreast of regulations can be a full-time job in and of itself, let alone ensuring your company is in compliance. Can automated systems keep your firm in compliance? Absolutely. Whether you work in a highly regulated industry or simply want to ensure your team is using the most up-to-date and legally solid contracts, automated tools can eliminate errors and breaches.
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.
If 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.
Great article on Venturebeat by Jeetu Patel. The ABCs of Enterprise SaaS demonstrates how the enterprise user wins with an easy-to-use and implement solution, simple front end, and a value proposition in favor of the user, not the vendor. Click on the link to read how enterprise SaaS solutions like ContractRoom are transforming the enterprise software market and user experience. The ABCs of Enterprise SaaS.