Archive: August, 2014
The Contract Shield: How the Management of your Contract Portfolio Protects – or Exposes – your Business
Contracts contain a wealth of information that tell you what is going on in your business. When properly drafted, negotiated and managed, they also defend your business against risks such as liability, being underpaid or overcharged, and a wide variety of the unknown and unforeseen. In short, contracts protect against risk by giving you the information you need both on an everyday basis and in times of crisis, when speed, decisiveness and certainty are key.
The legal profession is steeped in tradition and history. In fact, the law itself tends to respond to contemporary problems by looking back, and legal professionals are no different. If we should believe stereotype – and many firsthand accounts – lawyers tend to resist change tooth and nail. After all, they were bred – and are handsomely remunerated – in an age-old institution that lauds ethics and intellect, not innovation and reinvention.
A recent Law Practice Magazine article, Why Do Law Firms Resist Innovation? 10 Reasons, observes, “What passes for a radical change in a law practice—a new training program, some alternative billing, an extranet—is old hat in other markets.” As a profession that sticks to the beaten path, with a generation of young lawyers that has come to expect a few years of filing, drafting and proofing before they begin to tackle stimulating legal challenges, it is no wonder so many legal teams are hesitant to embrace legal technology.
We take pride in Exari’s reputation for being responsive to the ongoing feedback we get from our clients. One of the newest features of our Intelligent Contract Management software, the Negotiator Ribbon, is the direct result of this input and represents yet another step in our mission to help organizations streamline, manage and track the lifecycle of their contracts.
The Ribbon works in conjunction with Exari’s existing RoundTripping™ functionality, a feature of our Contract Management software designed to streamline contract negotiation by making it easy for users to compare contract versions and analyze the differences between them.
Scientia potentia est – Knowledge is power – it’s a trusted truism dating back thousands of years. In the business realm, knowledge means not merely understanding the demands of your industry and clients – it means knowing how to use the information you have to improve the overall health of your business.
Chances are your business already tracks data to improve performance and mitigate waste. For example, you probably already capture and share customer data collected by Marketing across the enterprise. We believe that the next function to embrace this trend will be Legal.