contract management system | Brightleaf Solutions

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. […]

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 […]

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 […]

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 […]

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 […]

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. […]

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 […]

Contract abstraction is a process that is typically too time-consuming for internal resources and too cost‐prohibitive to outsource. Many companies that do outsource abstraction face projects costing hundreds of thousands of dollars. Plus, even when outsourced, the planning, training, oversight, and checking of results still require a great deal of your staff’s time. Through automated […]

The extremely large amount of complex data set which is difficult to process by traditional systems is called big data. This data is being produced constantly every second and minute of life. Capturing, storing, and analyzing this data is usually the biggest challenge that companies are facing these days. Managing this complex and massive data […]

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, […]

The old way of capturing essential data attributes from legal documents has been transcended, thanks to technology. we hear about Artificial Intelligence (AI), we hear about Machine Learning software systems and other new technologies for data extraction from contracts. But when we dig into the details, the accuracy of abstraction is not to the standard […]

Contracts within an organization run like blood in a human body, they dictate every aspect of key business strategies and relationships. Poor contract management can hamper the success of your business and can lead to severe negative consequences. Here are some of the reasons why you need an effective contract management process: Knowing your obligations […]

Contract review means critically analyzing the information present in a contract. This information when migrated into a CLM can actually cause a lot of trouble if not properly vetted or clarified. Most of the software solutions run on predefined algorithms and at times fail to recognize errors that might have occurred a) at the time […]

It is essential to abstract all the critical elements in contracts if you want to be able to reliably search through required information on a computer. You expect to have all the information, not just some because it’s about accuracy and completeness. You can’t afford to miss even one critical element, as that can be […]

In our previous blog, we discussed the importance of analyzing the contract from a legal perspective. Now let’s discuss what are the major types of clauses an analyst comes across while analyzing a contract: Standard clauses – As discussed in the previous blog, it is the boilerplate provision that occurs frequently. They are generally consistent […]

OUR THOUGHTS

Category: contract management system

Spend Management a strategic business activity

A New Era for Contract Management – Automated Contract Abstraction

Contract Lifecycle Management System (CLM) – a significant step ahead of a generic DMS

Reduce risk by unleashing contract insights

Are you getting the accuracy you need from your contract extraction services?

All you need to know about the contract migration process

An arduous step overlooked when initiating a CLM implementation

The era of automated contract abstraction – quick and affordable method

3 V’s of Big Data

Challenges in migrating legacy agreements into a CLM system

Can software alone be the answer for your contract abstraction needs?

Track and manage your contracts

Do you check every element, or does “Review” mean spot-checking for you?

A hybrid solution is better than owning just software for contract data abstraction

Comparing and Contrasting Contract Clauses – Overview