On May 25, 2018, the General Data Protection Regulation (GDPR) goes into effect in the European Union. Although these protections are designed to protect the personal data for individuals located in the EU, U.S. businesses are going to be affected by these GDPR compliance, too. Simply put, if you collect, process, or store the personal information of anyone located in the EU, not following these regulations will prove costly to your business.
Exari’s powerful document assembly tool, DocGen™, is being increasingly recognised as an effective and expeditious way to generate insurance documents while capturing key data along the way. With Exari as the MRC builder, documents and their data can flow from broker to underwriter electronically, with less effort and more control. See how Exari DocGen can streamline your processes.
Selecting a contract management system is only the beginning to getting a handle on your contracts. Once you have chosen the platform you want to use, you need to transition your team into using the tool — and that’s usually a bit more complex than simply instructing people to use it. Not only do you need to provide training and instruction in how to use the system, you need to gain buy-in from individuals who might not understand why they need to change how they do things.
Every contract that your company has contributes to its value; even customer contracts that are still in the negotiation phase contribute to the bottom line. Yet for such a valuable asset, too many companies don’t manage their contracts to capture maximum value.
By choosing the right Key Performance Indicators (KPIs), you gain more accurate insights into your contract performance, which can drive more strategic actions and improve results. So how do you choose the right contract KPIs?
If you were to ask your legal team how much of their day is spent on actual legal work — the kind of tasks that would represent billable hours in a law firm — how do you think they would respond? Maybe 75 percent of each day? 50 percent on a bad day? Less than 50 percent when things go horribly wrong?
Traditionally speaking, contract management has been the foundation of any effective quote-to-cash process. At every step, from the negotiation and creation of the contract through its execution and ultimate renewal, contract management has been the key to creating ironclad contracts that support solid customer relationships — and the organization’s revenue.
The process of contracting does not end once contracts are negotiated and signed. In fact, you might even argue that this is when the real work begins. That’s when both parties are now legally responsible for meeting the obligations of the contract. All too often, though, organizations have little to no insight into their contracts, leading to noncompliance with the stipulations of the contracts.
When your sales team lands a new contract, chances are they want to get the contract drafted and executed as quickly as possible. Not only does a fast sale mean that customers are receiving better service, but getting that business on the books means revenue for the company — and commissions from the sale.
In recent years, cloud-based solutions have become a key driver of efficiency and productivity within organizations of all sizes. One area that’s seen significant development is contract management. Contract lifecycle management has moved from the category of “we’ll look into that when we grow” to a must-have for businesses of all sizes. Contracts are the lifeblood of any thriving company, and without a tool to manage them from drafting through implementation, the enterprise faces significant risk, not to mention lost revenues and declines in productivity.