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?
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.
Automating Collaboration: Expired, Tired and Wired Methods for Multi-party Drafting
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.
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.