Posts about Contract Management

Legal Technology, AI, and the Impact of Both on the Practice of Contract Law

Legal technology promises faster, cheaper, and more accurate business results. Artificial intelligence (AI), also sometimes referred to as cognitive computing, is a computer’s ability to reason, learn, communicate, and make decisions—and it’s a key part of making those results achievable. 

Legal technology AI developed within the past decade leverages complex algorithms to identify patterns in data, run tests, and deliver results on par with human lawyers. While it may sound like the industry is poised for an AI takeover, the reality is that man and machine are working in tandem to improve contract law like never before.

Exploring the Relationship Between Legal Technology and Innovation

Are you a corporate lawyer with an eye toward the future? Technology can help you get there. Legal technology and innovation go hand in hand—particularly since the COVID-19 pandemic strained corporate budgets and manpower alike. Legal tech empowers businesses to streamline entire processes, including how they store and sign documents, adhere to preferred negotiating positions, and oversee timely contract execution.

What Is Contract Lifecycle Management Software?

Surging demand for contract lifecycle management (CLM) is evident as 2020 saw a 40% increase in inquiry volume, according to Gartner’s Critical Capabilities for Contract Lifecycle Management report. Given the present growth rate, market analysts speculate the global market for CLM software is on track to reach $845 million USD in 2022 and $3 billion in 2032.

It’s an important trend, and one that corporate leaders should consider before they are outpaced by their competitors. This article explores the underlying causes for the rising need for CLM, what is contract lifecycle management software, and how this type of technology can streamline business operations like never before.  

Pre-Execution vs. Post-Execution Contract Management: Key Differences

A food manufacturer, utility company, or aerospace and defense firm can have 90% or more of its annual revenue tied up in supplier and vendor contracts. Procurement operating expenses typically amount to less than 1% of total spending, but can result in a 9% loss in sourcing value. That translates to $2.5 trillion when terms are suboptimal or poorly managed. 

Contract Management in Construction: Building a Stronger Review Process

Construction contracts pave the way for shovels to break ground and projects to begin. Beyond a practical formality, contracting in construction protects a company’s best interests, preserves customer relationships, identifies potential risks, and provides a mutually agreeable path for conflict resolution if necessary. 

Most Popular Contract Lifecycle Management Tools

Analysts expect the global market for contract lifecycle management software to more than double over the next few years, growing from $1.5 billion in 2020 to $3.84 billion by 2026. 

Contract Lifecycle Management Best Practices for the Pre-Execution Stage

Pre-execution is the lengthiest phase of the contract lifecycle—and for good reason. During this critical stage, companies can secure favorable terms before a deal has been finalized and mitigate risk by exercising due diligence.

Improving the Contract Lifecycle Management Process With Automated Review

Growing businesses often struggle to keep up with manual contract review and negotiation demands as they increase capacity. Inevitably, sales cycles slow down, frustrations escalate, risks get overlooked, and overall business growth is hampered by inefficiency. 

Contract Review in Manufacturing Industry: What to Know

Contracts serve as a single point of truth for manufacturers, suppliers, subcontractors, and partners. But one contracting error can open up a manufacturer to liability and poor vendor relations. That’s why having a robust review process to identify and rectify pre-execution contracting issues is paramount to a company’s bottom-line success. Increasingly, contract review in manufacturing is taking a digital turn, and businesses are infusing layers of efficiency into the contracting process with artificial intelligence (AI).

Top Legal Technology Software for Drafting Contracts

In an era of rapid digitization, choosing specific software for your business needs can be overwhelming. The legal technology software market is especially difficult to navigate as there is no single platform to date that provides true end-to-end contracting efficiency. More confounding still, each company’s services and capabilities are different, making it nearly impossible to compare apples to apples.