Can machines out-think humans, today or maybe someday? And what impact could this eventuality have on professions such as the law? Will computers replace the lawyers and contract managers who currently create, negotiate, analyze and track contracts? Or does the complexity of these tasks require a mysterious human touch?
The pressure is on. Regardless of your industry, you are expected to deliver more with less: more revenue with less cost and more results with less risk.
The good news for Legal and Sales Operations teams is that intelligent contract management can help you meet these challenges, with substantial benefits flowing to your bottom line.
In reviewing how one of the world’s largest audit firms uses its Exari Document Assembly software and what benefits are delivered, some interesting insights have arisen that can apply to any business case that needs to justify spend on Contract Management and Document Assembly solutions.
Imagine the following scenario: You’ve been negotiating hard on a big deal for weeks. Late nights, heated disputes, neither side giving an inch. Finally, miraculously, a compromise is reached, all parties are equally dissatisfied and the contract is inked.
Brokers in the London insurance market still, largely, rely on a document called a “slip” or, more officially, a “Market Reform Contract” (MRC) to negotiate commercial insurance risks with underwriters. The process varies between the 197 Lloyd’s brokers, but generally, begins with the preparation of an MRC in MS Word. Little or no data is captured during the process, and any information needed to track the deal is rekeyed (often multiple times).
Five years ago, I was at a party for my wife’s sailing group. Bored, I started a conversation with someone I knew from volunteering in my small Massachusetts town.
As the name implies, contract management is primarily about managing your contracts: knowing what they are and where they are; and making sure you don’t miss important performance milestones and renewal dates. These are all good things, but they don't really make you a high performance contracting organization. To truly claim "high performance" status, you need to do more than just manage contracts.
Three years ago yesterday, Barack Obama signed the Dodd–Frank Wall Street Reform and Consumer Protection Act, and the reviews are decidedly mixed.
We live in a litigious world, and most businesses are dealing with contracts that are both more numerous and more complex. So there are many good reasons to automate and improve the way those contracts are managed.