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 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.
Contracts are at the very heart of commerce – they often govern each and every dollar that comes in or goes out of an organization. And yet, using contract processes that are highly inefficient remains one of a business’ most common challenges.
“Initiate a proper handshake and the whole world opens up for you.” ― James D Wilson
Contract management software is designed to make life easier for legal, contract managers, and business users. And it does – once it is implemented. An experienced software vendor can help make your implementation a success, but your organization is a crucial partner in that work. Here are four tips for ensuring that your contract management software implementation is a success.