The world of contract management software is a constantly evolving mix of technology, trends, and best practices. Unfortunately, it’s not always clear what tools are most valuable which is why we’ve created a list of 5 essential contract management tools of 2021.
Microsoft has served as the foundation of contracts in that MS Word is the primary vehicle in which contracts are drafted, negotiated, and finalized. The foundation expanded when Microsoft initially introduced SharePoint back in 2001 as a repository was born; one where contracts, both draft and executed) could easily be stored along with some basic metadata. For law firms, legal departments and all other business functions impacted by contracts, Microsoft’s support for contract management; albeit limited, was formally established.
Generally speaking, contract management and COVID 19 are not two phrases that you commonly find in the same sentence – nor do they provide a headline which would elicit much interest. Not until today. While we, the contract management software vendors have been espousing the virtues of our digital platforms for years, present circumstances have brought many of these recommendations to the forefront.
Best practices are, in short, methods or procedures known to produce better results than alternatives. In the context of implementing a contract management solution, following some contract management best practices from a trusted source can be the difference between project success or complete failure.
Of 650 Contract Professionals attending a Contract Management Conference; how many raised their hands when asked if they were currently using AI/ML?The answer: 6 people in total raised their hands at an IACCM (now World CC) Global conference. If the same question was to be asked today, the numbers would unquestionably be higher; albeit, the “interest” in using AI/ML for enterprise contract management software has always been multiples of that practical usage number, often approaching 50% or higher. What does one make of these data points? Two years ago, the practicality of using AI/ML within a contracting process was not as achievable nor was it the priority that it is today. Furthermore, AI/ML technology was still in a nascent state, despite it being magnitudes easier, more intelligent, and easier to “train” since it first started to surface decades ago.
Why Does AI/ML Matter In Today’s Contract Management Process?
In short, the infusion of AI/ML functionality into the..
As a developer of enterprise contract lifecycle management (CLM) software, a large number of users within our customer base are responsible for drafting, negotiating, executing and managing contracts in support of their sales teams. At the same time, many of these sales teams use Microsoft Dynamics as their CRM, or Customer Relationship Management application. It’s reasonable to think that in many cases the CLM and CRM applications are purchased by separate stakeholders to solve different problems which might explain why integrating these systems is sometimes an afterthought.
The healthcare sector consists of a multitude of different businesses – from medical services, manufacturers of medical equipment, drug makers, companies who provide medical insurance as well as all other companies that facilitate the provision of healthcare to patients. They tend to be grouped into either 4 or 6 categories with the latter, more exhaustive list including pharmaceuticals, biotechnology, equipment, distribution, facilities, and managed healthcare. As you might imagine, the list of companies who participate in these categories is not only endless but increasingly growing. It includes for-profit businesses, nonprofit companies, and not-for-profit organizations.
The various types of companies serving the Real Estate marketplace is extensive and while all of them in one capacity or another use contracts, there is a heightened need for Property Management companies to have a comprehensive and well-managed contracting process. Broadly, Property Management companies usually concentrate on either Residential and Commercial properties and at times, the Property Managers will also serve as investor in addition to managing the properties.