In our previous blog, we talked about the CCPA “California Consumer Privacy Act” the data protection compliance which is coming into effect on Jan 1, 2020. The act is modeled after the GDPR “General Data Protection Regulation”. People who are aware of GDPR will see similarities with CCPA compliance. Both these compliance CCPA and GDPR […]
Read More →Prioritize- set your priorities, knowing things makes it easier to focus on the right information. Set your score points to quantify the vulnerability of risk and its impact on business. This will set your priorities for business activities, financial activities and other facets. Regulatory alerts – Making a clear summary of what needs to be done; deadlines, […]
Read More →We are aware of the GDPR compliance which was implemented for the protection of European citizens. Now comes another act in data privacy – the California Consumer Privacy Act, signed on June 28, 2018, by Governor Jerry Brown. The CCPA’s intent is to protect California consumers’ rights so that there is privacy and transparency. It […]
Read More →When clients are dealing with contracts or legacy contracts, NLP/AI technologies can be used to extract salient data points. This data is then loaded into a CLM (Contract Lifecycle Management System). Having good software for the extraction of data is essential, but it is not sufficient if any accuracy is desired. Why is accuracy a […]
Read More →Vendors play a vital role in the success of your business regardless of what business you’re in. From office equipment to software, from raw materials to services, businesses rely on third-party vendors, it can be easily said that though they are the external parties for a business but can easily influence and affect the operations […]
Read More →Contract Lifecycle Management (CLM) systems are the need of time. The very importance of these systems is that they allow users to centralize contract storage and management, plus aid in the creation of new ones that fully comply with the company’s policies and requirements. Also keeping your contracts in these systems helps in enabling the […]
Read More →Spend management, is a process of comprehensively managing, optimizing, and controlling the money spent by organizations. It is the contemporary way of managing supplier relationships and identifying money spent on purchases. Spend management encompasses of procurement, invoicing, outsourcing, and supply chain management. Enterprises have larger routine transactions which require a lot of time and effort. […]
Read More →The ultimate goal of automating contract abstraction is to lessen the business and reputational risks of corporations by ensuring they comply with the terms and conditions of every contract. Most importantly, automated contract management enables corporations to foresee their rights and obligations, and thus prevents future litigation and its cost. Automated Contract Abstraction Puts pertinent […]
Read More →Data mining is the process of restructuring a large database in order to generate meaningful information. It encompasses discovering patterns and trends in the data sets and converting them into a comprehensible structure for further use. The goal is to extract the patterns which will help the organization to predict future trends, assist in taking […]
Read More →Contract Lifecycle Management Systems – are the systems that serve specifically to house all of an organization’s contracts. These systems, being specifically designed to manage contracts, come with built-in features that will assist you in getting all your contractual documents into one centralized location and tracking them. These systems are a breed of software, running […]
Read More →Failure to gain contract insights can lead to negative results. Consequences might be a poor relationship with suppliers, and vendors, more risk, and lost opportunities. Critical information businesses need to make key decisions resides across all your executed contracts. Legal and contract departments often have thousands of paper documents stored in file cabinets or saved […]
Read More →Is Brexit really happening? The UK government says ‘Yes’ and it is scheduled to leave at 11 pm UK time on Friday, 29 March 2019. Well, whether it happens or not happens, keep that discussion aside for now. What you might be interested in knowing is, how Brexit impacts certain contractual obligations in your existing contracts? […]
Read More →To realize the benefits which exist after the contract has been signed, it’s necessary to not only understand the terms and provisions contained in your contract but to capture these for ongoing management. When a contract is signed, most organizations do a good job of tracking the contract’s basic operational requirements (e.g. renewal dates), but […]
Read More →The term “Migration” is used, sometimes loosely to describe getting contracts out of an existing system, or even file folders, into a CLM system. Contract Migration is the process that takes documents from older systems and puts them into a newer system. Scan – Scan the documents from paper to a file on a computer. […]
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