Exari Mobile Site
The Contract Certainty Blog

The Contract Certainty Blog

Contract Management Process, Get More Out of Contracts

Every modern business must deal with contracts. From internal employment contracts to external contracts with vendors and clients, they are an integral part of the operation of any business. Yet for all of the importance that contracts hold to companies, in most cases, contract management is often an afterthought — if it’s even considered at all. Unfortunately, this “out of sight, out of mind” approach to the contract management process often means missed milestones and opportunities — not to mention, a good chance that a business could be out of compliance with federal and industry guidelines related to contract management.

Frequently Asked Questions about Contract Management

Contract management is much more than simply drafting an agreement between two parties, gathering signatures, and moving ahead with a relationship — and sticking the document in a filing cabinet somewhere, only to be seen again when an issue arises.

How PwC Legal and PartnerVine are disrupting Big Law

Today, the legal arm of PricewaterhouseCoopers (PwC) in Switzerland started selling automated legal documents to the public. That’s what LegalZoom pioneered in the US, and now PwC Legal is bringing it to B2B. That’s big news and it didn’t stop there. They’re also selling their Swiss law docs on PartnerVine, which is an open platform for law firms to sell their legal documents. Together, that’s a revolution.  

How AI is Transforming Contract Lifecycle Management

Up until recently, artificial intelligence (AI) was just another new buzzword I was seeing all over Twitter, Facebook, and pretty much every major publication. What came to mind when I would hear about AI was robots making my venti coffee at Starbucks (stay tuned I have a feeling about this one). What I didn't realize is that I was already using AI in my everyday life. Anyone heard of a miss Siri? How about those product recommendations on Amazon or Google’s language translator? Not only does AI play a role on my Amazon Prime membership but it is also making its way into my workplace.

The New Deal for General Counsel

The time has come for General Counsels and their teams to deliver true business value, by leveraging complete mastery over their organization's contract portfolio. For too long, contract management has been cast in the "too hard" and "so what?" baskets. And with good reason.

Contract management systems were too hard to implement - data capture was manual and slow, took staff away from their day jobs, and return on investment was questionable and impossible to quantify.

The Importance of Artificial Intelligence in Contract Management

Understanding your legacy risks

You are the chief underwriting officer of a multinational reinsurance firm. You have just been asked by your business leadership to quantify your organization's global property and excess liabilities as part of an across-the-board evaluation of broking standards, exposures and underwriting guidelines. You send your staff off to crunch the numbers from contract data in your data mart, yet you know that any analysis you do is skewed to the point of being useless in its predictive capabilities. This is because you most likely do not have access to much of the data within these contracts. Answers to questions like "how much liability it tied up in aggregate vs. per event, across geography and cedants going back 10 years?” This data is locked up in paper. In layers of contracts across multiple years from multiple jurisdictions. All of which requires a level of painstaking review to extract the data within them into a usable format.

Rise of the One True Contract Lifecycle Management Platform, Part 3

The Confluence of AI, Good Data, and a Mature CLM Vision

Welcome back for the third and final installment of this blog series. When we last left off, we were talking about me being floored by Jamie’s notion of the Universal Contract Model™(UCM). To re-iterate, the UCM is a simple, yet unparalleled line of thinking that not only lays the foundation for enterprise contract lifecycle management, but dictates how a contract management platform can grow and scale across the entire enterprise.

Rise of the One True Contract Lifecycle Management Platform, Part 2  

The Confluence of AI, Good Data, and a Mature CLM Vision

Thanks for joining me for the first part of my blog series- now let's move on to the second. In this edition, I want to tell the story of how I became involved with Exari and why good data is important. A little while back, I met with Bill Hewitt, Exari's CEO, and we started talking about contract management. Our discussion centered around two areas, what most contract lifecycle management companies were doing well and was somewhat commoditized, and what they weren’t doing very well.