What big data is there in contract management and how may it be leveraged?
Music, ants and contracts seem worlds apart. However. recently I listened to an NPR ted talk where Professor Deborah Gordon (http://web.stanford.edu/~dmgordon/), a Stanford University professor, talks about how music and ants are related. You can listen to this NPR podcast here: http://www.npr.org/player/v2/mediaPlayer.html?action=1&t=3&islist=true&id=57&d=04-24-2015 .
The rise of predictive agreementTM
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.
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.