Historically, businesses have struggled with successful adoption of Contract Management systems across their entire enterprise. Often times, only a small department will use the system around their specific processes, leaving other areas of the business in the dark. While this may increase process efficiency for one group, it does not solve the issue of contract certainty across all disciplines and all contract types.
Once organizations reach a certain size, companies will have to face a constant balancing act: deciding whether (and how much) to bring legal staff on as full-time employees. As in-house counsel, I recognize the unique value outside lawyers bring to the table. They can provide important expertise, offer a second opinion, and jump into a project when in-house counsel get swamped. At the same time, companies are becoming increasingly aware that it makes sense not only to have smart lawyers on speed dial, but to actually bring them into the office and embrace legal automation.
Today we issued a press release about Silicon Collar, a new book written by noted industry analyst Vinnie Mirchandani. Vinnie has been independent for a while now, and has penned a number of books including The New Polymath and SAP Nation. Vinnie always brings a pragmatic view to his topics, and this new book is no exception.
Do DNS attacks mean you should have a backup plan?
Last week, DNS attacks leveled key gateways leading to dozens of outages amongst business applications. For so many companies who have become dependent on SaaS applications or cloud-based services it was a scary event that at a minimum led to a loss of productivity.
In Cambridge, just across the Charles River from Exari’s Boston headquarters, MIT’s Bengt Holmström and Harvard’s Oliver Hart have spent decades researching contracts, both how they look and how they shape our world and daily lives. On Monday, they were awarded the 2016 Nobel Memorial Prize in Economic Science for their research into “Contract Theory.”
Here’s a strange comparison for you: contracts are like concrete. But what do legal agreements have to do with building materials? Think about a concrete foundation. If a foundation isn’t rock solid, whatever is constructed on top of it could collapse without warning-the same is true about any company. A business is only as strong as the contracts it’s built upon and its ability to fully understand and comply with those contracts.
At Exari we’re always innovating. Coming up with new strategies for making our customers’ experience even better is an obsession! We get the chance to talk with hundreds of companies about the contract creation process and we are consistently asked for help in making it more streamlined. A primary benefit of a contract management solution is breaking up the many steps involved in contract drafting, negotiation and execution processes so they can be more easily automated - freeing up more time for you to get back to important tasks.
We recently discussed the new uncleared margin regulations (UMR) and best practices for successfully re-papering your Credit Support Annexes (CSA’s.) Now that you’re up to speed on what it means for your organization and the steps for re-papering, there is a bit more you should consider when evaluating each agreement. To get you the best advice we teamed-up with experts in this subject in order to bring you all the information you will need to successfully comply.
The concept of contract management can get quite complex. There are many different contract-related challenges facing the modern enterprise, and they don’t affect all people the same way. The best way to get started is simple, yet highly effective - we call it the three O’s of contract management: Organize, Operationalize, and Optimize.
For over 300 years the Lloyd’s market has been one of the most innovative sources for risk management solutions. From body parts to nuclear reactors, Lloyd’s is a one stop shop for the world’s specialty insurance and reinsurance needs. It’s an ecosystem where close personal relationships, proximity of brokers and underwriters and actual paper policies still matter - and for those willing to work within the square mile of the City of London, it’s incredibly efficient.