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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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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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3 Ways Contract Management Software Improves Your Sales Pipeline

Jessica Alden contract management software, Sales Pipeline

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.

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Ways Contract Management Software Helps You Strengthen Negotiations

Jessica Alden contract management software

“Initiate a proper handshake and the whole world opens up for you.” ― James D Wilson

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Contract Management Software Implementation: 4 Tips for Success

Dermot Whittaker contract management software, implementation

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.

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How to Identify Bottlenecks in Your Contract Management Process

Dermot Whittaker contract management software, bottlenecks

Getting contracts done faster is a front-and-center goal when adopting contract management software. One way this is accomplished is through automated workflow that puts each contract-related task in front of the right person just as soon as the previous task is completed. Alerted by email (or a task queue in a dashboard), each person logs in, opens the contract 

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3 Ways Contract Management Software Streamlines the Procurement Process

Corridor Company contract management software, procurement

For most companies, procurement is an essential yet often difficult business function that relies on an efficient contract management process to be successful. Getting what you need from vendors and other clients requires careful contract management that is best accomplished with advanced contract management software. If you are still relying on basic email or spreadsheets to manage your procurement process across multiple departments, you may be losing time and money. 

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6 Contract Management Software Myths to Reconsider

Dermot Whittaker contract management software, ROI

When organizations think about adopting contract management software, they often start with preconceptions. These “myths” aren’t always totally wrong – but they can be misleading. Here are six contract management software myths that should be reconsidered.

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Contract Managers: Here Are 4 Tools to Decrease Your Contract Cycle Time

Dermot Whittaker contract management software, effectiveness, efficiency

Contract managers are pressed on several fronts. As professionals, they need to uphold the contracting standards of their organization across dozens of agreement types. As workers in a busy department, they need to produce agreements efficiently. And as the primary contact for business users who need contracts to do their jobs, they are asked more often than they’d like: When will my contract be ready?

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3 Easy Wins From Your First Contract Management Software Implementation

Dermot Whittaker contract management software, ROI

While instant results are wonderful, most good business decisions require delayed gratification. Profits are always down the road, new hires need weeks to get up to speed, improved workflows take time to kick in. You may feel that change is always a slow and bumpy process. If so, you will be surprised by the immediate positive effects that contract management software has on your operation. This investment gives you valuable results as soon as it is installed. The right software program will deliver three easy wins that promptly improve your business while easing your professional burdens.

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