Welcome back! Our focus this week is on Line of Business or LoB integration and the role that this topic plays in contract management. As a provider of contract management software, a question frequently posed to us is: "Can you integrate with our LoB system?" As the leading provider of a contract lifecycle management software powered by the SharePoint and Office 365 platforms, the answer is "yes". However, before removing this item from your checklist, let's review some important considerations.

Hello again!  Thank you for joining us for the newest edition of This Week in Contract Management.  I came across a thought provoking article regarding Knowledge Management (KM) that warranted attention.

Hello Everyone!  Thanks for tuning in again to This Week in Contract Management  As you may or may not be aware, we host a monthly webinar series where our CEO and President, Russ Edelman, analyzes c urrent industry issues and best practices, as well as the role contract management plays in allowing organizations to identify and address immediate operational inefficiencies.  The focus of our most recent webinar, Contract Management | Buy-Side, Sell-Side & More, was the commonalities of Buy-Side, Sell-Side and other contract types and how they can harmoniously exist in a single managed repository.

Understanding your company's competitive advantage or advantages is critical in today's fast moving economy.  When one contemplates competitive advantage, they do so in the context of greater sales or improved margins.  Rarely does one consider how your contract management processes can contribute to your company's competitive advantage from a sales perspective. And while contract management extends across all contract types, the focus of this post is all about sales contracts and the impact that they have on your business.  Consider this: IACCM, the International Association for Contract and Commercial Management, cites that almost 10% of gross revenue is lost on poor contracting processes.  For the disbelievers out there, cut this figure in half, and if you feel compelled, cut it in half again.  The impact to both your top and bottom line is staggering.

The legal landscape in EMEA - Europe, the Middle East and Africa – is as wide and diverse as the region.  Doing business in this area requires an awareness of not only the various regulations, but also of their ongoing changes.

Thank you for joining us for This Week in Contract Management.  Did you happen to see the article about the West Australian Health Department official who overspent on an IT contract in excess of $40 million?  That is not a typo folks.  $40 million!  Can you imagine walking down the hallway of your office to tell your supervisor that your mismanagement of a contract will cost your company an additional $40 million?  Good luck with that conversation.

Nice to see you again!  Thanks for joining me for the second of my two part series where I reflect on the information shared by Mr. Tim Cummins, President and CEO of the IACCM, at our recent chapter meeting.

Corridor Company, the leading provider of Contract Management Software powered by the SharePoint and Microsoft Office 365 platforms, had the distinct pleasure of hosting the IACCM Boston Chapter Conference on Thursday, March 17, 2016 at Corridor Company’s Corporate Headquarters in Wakefield, Massachusetts.  For those of you who are unaware, IACCM, also known as the International Association for Contract and Commercial Management, is the world’s leading professional organization and expert in Contract Management.  Given IACCM’s industry status and the many companies in attendance, this was both an honor and pleasure for us at Corridor Company.

Recent headlines around Nestlé's confirmation that there is forced labor in its fishing supply chain will not come as a surprise to people in global procurement. Procurement professionals know that a key element of managing today's supply chain includes ensuring that the production of goods and services is not hampered by unethical or environmentally damaging practices. A consumer boycott or legal action in response to bad practices are as damaging as an earthquake or hurricane which takes a key supplier out of the chain.

Sales relies on momentum to succeed. When a customer shows buying signs or gives verbal confirmation of his or her intent to purchase, sales needs to seize the moment and guide the customer quickly – and carefully – through to the end of the funnel and the signing of the contract. Unnecessary delays introduce a variety of self-inflicted issues: budgets are reviewed and reduced, champions change positions, and new initiatives may trump a predecessor. The longer the closing process is, the greater the chances that a verbal confirmation will not move forward to actual closure.