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The Practicality of Artificial Intelligence / Machine Learning (AI/ML) in Contract Management

Russ Edelman contract management software, clm software

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..

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Microsoft Dynamics 365 and Contract Management: Connect Sales and Legal Systems for Positive Gains

Jessica Alden Microsoft Dynamics 365, enterprise contract management

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.

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Contract Management in the Healthcare Sector: Considerations for a Contract Management Software Solution

Jasmin Steely contract management, contract management for healthcare

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.

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An Overview of Contract Management for Real Estate Companies

Jessica Alden contract management, real estate

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.

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5 Benefits of Integrating Your CRM and Contract Management Software Applications

Jessica Alden

Introduction

Modern businesses invest heavily to continually improve sales performance. Yet despite the heightened levels of sophistication in these areas, the notion of integrating the discipline of contract management into a company's sales process is often overlooked. For the context of this blog post, I am going to focus on CRM and CLM technology platforms, and the benefits of integrating them.

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The Contract Management Software Selection Process And The Value You Add As CIO

Russ Edelman contract management software, contract lifecycle management

As CIO or a senior-level technical representative for your organization, you may find yourself helping your contracting, legal, and/or procurement team as they select a Contract Lifecycle Management (CLM) product. In today’s world, there are a large number of contract management solutions options available and it is here where your background can add a unique perspective as the team drives forward with the evaluation process.

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The Benefits of Managing your Contract Templates in a Contract Management System

Jasmin Steely contract management, contract lifecycle management

In Contract Management, 1 + 1 can equal 3

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Contract Lifecycle Management and Its 9 Stages

Jessica Alden contract lifecycle management

Businesses enter into contracts for certainty. But did you know that all contracts - no matter how well written - involve a degree of risk? Contracts, in fact, may actually create risk in business transactions. From initiation and negotiation to award and renewal, contracts involve complex actions that can and do go wrong. The goods news is that contract Lifecycle Management (CLM) software can help to mitigate that risk. In this article, we review the nine stages of CLM and offer ideas on best practices to ensure that your business runs as smoothly as possible.

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The Top 6 Resources for Contract Managers

Jessica Alden contract professionals, legal professionals

Professional organizations are tremendous contract management resources. Many of the benefits are available with a simple website visit, while membership can open doors to education, certification, and one-on-one connection with colleagues facing similar challenges.

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3 Ways Contract Management Software Eases the Merger and Acquisition Process

Jessica Alden Merger And Acquisition process

Merger and acquisition events can present significant challenges for legal, legal operations, and contract management professionals. Questions about contractual risk and process before, during, and after M&A activity often do not have clear cut answers. This post will discuss 3 reasons why contract management software is an essential tool for companies going through these types of transactions.

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