CEO Blog 10: Legacy contract migration/data extraction
CEO Blog 6: How do I prepare my legacy documents for ease of migration into a CLM?
The larger the company, the more the contracts – that is a given. The larger the company, the more divisions. The larger the company, the more these divisions work in silos. All companies run on contracts – buy-side and sell-side. When moving to a new enterprise or contract management lifecycle system no one wants to […]Read More →
CEO Blog 4: Can AI software handle it all?
This is the fourth of a ten-part series on contract migration and related data extraction, which will help your legal teams gain a better understanding of the information included in all of your contracts. This is the most asked, if not, assumed (as yes) question! And a very pertinent one. AI Software is a necessary condition […]Read More →
CEO Blog 2: What attributes do I extract and ingest into a CLM during the legacy contract migration process?
The first part of the series covered, what is legacy contract migration and why do I need to do it? Here we will discuss the next/second question that is asked very often too, what attributes do I extract and ingest into a CLM during the legacy contract migration process into a CLM? There is no […]Read More →
Why manage contracts?
To continue operating profitably is always the primary focus of any enterprise. In today’s competitive corporate environment, the ability to effectively manage contracts is essential to surviving in the marketplace and achieving success. At different points in our lives, each of us would have or will, without exception, sign a contract. However, have we ever […]Read More →
How contract management software can help your sales team increase profitability?
Contracts are one among the difficult documents that ought to be evaluated befittingly, and if there isn’t a clear system for the solid review process in place the terms may be overlooked leaving a company in a weaker position. Across your business, whether in sales, legal, marketing, or vendor management, contracts help protect the company, […]Read More →
Contract Lifecycle Management (CLM) is becoming a “need to have” priority for firms
Contract Lifecycle Management is no longer a “nice to have” initiative, but rather a “need to have” business practice. With a direct impact on both revenue and expenses as well as the risk profile of a company, many businesses have an elevated interest in implementing automated solutions. The efficiencies introduced by an automated contract lifecycle […]Read More →
Data extraction from contracts – in-house or outsourcing to a specialized firm
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 →
Reduce risk by unleashing contract insights
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 →
Are you getting the accuracy you need from your contract extraction services?
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 →
All you need to know about the contract migration process
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. […]Read More →
An arduous step overlooked when initiating a CLM implementation
For a small organization with a quantum of 10-50 contracts, it is quite feasible to go back to their contracts and review their time and now, but as the volume and complexity increase, it becomes difficult to manage these contracts without the assistance of some kind of contract management tool. It can be a simple […]Read More →
Challenges in migrating legacy agreements into a CLM system
To gain increased and immediate benefit from contract management systems, it is important to extract and load metadata from legacy agreements. But many find that process costly, complicated, and time-consuming. So what is the best answer? “Join Brightleaf and IACCM’s joint webinar on Overcoming the challenge of legacy agreements” Click here to register Date: September 20, […]Read More →
Unlocking the Value of Your Existing Contracts
Contract Lifecycle Management (CLM) has become a top priority for C Level Executives worldwide. CLM systems are no longer a “nice to have” initiative, but rather a “need to have” business practice. The efficiencies introduced by an automated contract lifecycle solution are numerous – and, as the name suggests – it addresses the complete lifecycle […]Read More →