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The first question every business asks when considering a new technology is: What value will it deliver for our enterprise? But if your company is selecting a contract lifecycle management (CLM) solution, the more appropriate question is this: What value do we want the technology to deliver: Do we need ...
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In most cases, we at Icertis prefer solutions in the cloud over their manual, paper-based analogs. After all, we are in the business of helping companies realize the full value of their contracts by turning them from static documents into strategic digital assets. But when it comes to measuring a ...
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When trying to get an organization to adopt new technology, managers should expect to encounter users who aren’t naturally technology savvy or are instantly distrustful of new ways to do things. The obvious problem with non-adoption: companies don’t get maximum benefit from new technology since more often than not their ...
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Change is afoot in the pharmaceutical industry. Merger-and-acquisition activity is high; regulations are becoming ever more stringent; companies are focusing on cost; and outsourcing is rising. And this just scratches the surface. Forward looking pharma leaders are exploring how the digital transformation of their processes can help meet these challenges ...
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Is your contract management software difficult to use, unable to provide valuable insights, and underutilized? If so, your organization could be missing out on revenue opportunities and susceptible to non-compliance risk. Consider these features if you're thinking about an upgrade: 1. Personalized Dashboard Contract management software shouldn’t be one-size-fits-all, and ...
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For the first time in the history of commerce, contracts are being completely digitized. This development has major implications for every industry—even professional football. Consider the recent report from ESPN that veteran NFL quarterback Josh McCown signed a new contract with the New York Jets while sitting at a Chick-fil-A ...
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It’s not often that contract clause language makes it into an Oscar speech, but that’s what happened this year when Best Actress winner Frances McDormand used her acceptance to beseech the stars in the audience to demand “inclusion riders” in their contracts. Her comment led many to look up what ...
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Health insurance companies and other healthcare payors like PPOs and HMOs face serious challenges to containing costs for their clients while staying in compliance with government regulations. Better contract management can help payors face these challenges in many important ways, including by improving the process of provider contracting, in which ...
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The healthcare and life sciences industry stands at a pivotal moment. Nearly every week, the marketplace is disrupted by news of acquisitions, mergers and emerging players—as in the case of Amazon, Berkshire Hathaway, and J.P. Morgan’s announcement they would be teaming up to form a new healthcare company. At the ...
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Manual contract creation, review, and approval often results in missed commitments, compliance mandates, possible discounts, and other milestones. This puts the business at risk. The contract management process changes for the better when buy-side, sell-side, and corporate contracts and workflows are aligned. Contract lifecycle management (CLM) addresses the critical issues ...
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According to the American Psychological Association, multitasking—when someone tries to perform two or more tasks at the same time or in rapid succession—can diminish a worker's productivity by as much as 40 percent. For business decision makers, this means that enterprise software can’t just be judged on its functionality, but ...
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The issue of vendor risk assessment by banks has gained more attention in recent years as the U.S. federal government tightens the rules around what a bank must due to ensure critical vendors don’t pose a serious risk to their operations. In 2013, the Office of the Comptroller of the ...
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Contracts are critical business assets. The importance of an effective contract management system cannot be overstated, as poor contract management can quickly undermine even the strongest organization. Spanning three key dimensions of the enterprise, contracts: Govern every dollar that goes in and out of an organization. Given this critical function, ...
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Ineffective contract management processes consume valuable time and resources and increase business risk. If contracting is holding back your business performance due to a lack of standardization, controls, or access, you may need rethink your current contract management process. Optimizing contract lifecycle management improves efficiency, visibility, and profitability. It also ...
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The value of specific contracts vary significantly throughout a company. One contract may not have as much meaning to one person as it does to the next. Regardless, meeting contract obligations and taking advantage of entitlements will ultimately result in increased revenue and decreased expenses for the entire company. Proactively ...
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Digital transformation has quickly become the enterprise buzz word of the year – and for good reason. The pace of business is accelerating and organizations are facing pressure to increase their speed of operations while improving their ability to respond to changing market dynamics. In short, they face tough decisions ...
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An enterprise organization may have several thousand active contracts at any given time, and each one carries a potential risk of regulatory non-compliance, supply chain disruptions, and public relations disasters. Without a proper system for managing contract obligations and commitments, these risks remain hidden, which can cost the enterprise millions ...
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Procurement leaders have a lot to consider in the coming year – they are under pressure to deliver savings while reducing risk and accomplish more with less. But, the solution won’t come from applying more resources to the problem. Transforming procurement demands a completely new approach, one that places contract ...
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A contract lifecycle management (CLM) platform must do far more than streamline contract authoring and ensuring compliance. With contract analytics, a CLM platform can leverage data from enterprise systems to give you a holistic view of contract performance. Contract analytics has helped professionals in many industries to assess the value ...
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It's every CIO's dream: a rapid and successful digital transformation. Fortunately, it isn't just a dream, but a reality for some companies. Consider the recent examples of auto giant, Daimler AG, and World Wide Technology (WWT). Daimler, the parent company of Mercedes Benz, went live with the Icertis Contract Management ...
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Creating, reviewing, and approving a contract can be a slow process. Automating this process helps organizations accelerate negotiations, improve governance, and enable more efficient authoring. But the real benefits of an enterprise contract management platform come after the contract is created. If contracts aren’t carefully tracked across the entire enterprise ...
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The average Fortune 2000 company has between 20,000 and 40,000 active contracts at any given time. It is understandably difficult to manage that much information using a manual process. Yet failing to effectively manage contract risk can force an organization to forego millions of dollars in revenue, creating unnecessary risks, ...
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Managing supplier relationships, obligations and risks in the source-to-contract and the procure-to-pay processes is a significant challenge for procurement organizations. The source-to-contract process begins with the analysis of required products or services and development of a sourcing strategy to acquire those products or services. RFx creation, supplier selection, proposal or ...
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Today’s enterprises compete in a global marketplace characterized by uncertainty, complex supply chains, and stringent regulatory requirements. In this kind of business environment, compliance can be difficult to achieve on a consistent basis. “The corporate legal landscape is fraught with an increasingly complex regulatory environment, a never-ending balancing act between ...
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Effectively managing contract renewals is essential for healthy supply chain performance. If a contract expires without notice, negative consequences may soon follow. Lapsed contracts can leave procurement teams scrambling to find new suppliers in order to meet customer demands. While timely contract renewals are critical for maintaining efficiency, organizations often ...
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Contract compliance and management have become a critical focus for executives in organizations across the business spectrum. According to the PricewaterhouseCoopers State of Compliance Study 2016, 98% of responding executives said that senior leadership is committed to compliance and ethics, and 89% said that compliance monitoring is a primary area ...
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Managing the complexity of third-party contracts is an on-going challenge – especially for a global enterprise. Can your contract management system manage a third-party contract as well as the ones native to your organization? A recent study by PwC highlights the impact of not capturing the full value of third-party ...
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Several teams within every large organization handle contracts. But they approach enterprise contract management and creation from different perspectives and with different priorities: Procurement is focused on supplier and supply chain performance, creating efficiencies and maximizing economies of scale where possible. The legal team seeks consistency of contract terms, formats, ...
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What’s it worth for your company to stay off the front page of the Wall Street Journal? We’re not talking about positive press here, but rather the negative press that comes with big supply chain disruptions and compliance lapses. The type of events that not only cost tens or hundreds ...
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A report from The International Association for Contract and Commercial Management revealed a startling statistic: sell-side contracts consume more than 76% of contracting resources. For half of these contracts, the cycle time from bid to execution can take 21 weeks or longer. When a global organization devotes that many resources ...
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The Three Keys to Improving Buy-side Contracting Velocity For a global enterprise, negotiating a major new contract with a supplier can take months. The glacial speed of a manual contracting process can strain relationships and derail a supplier agreement and potentially sales. Many procurement organizations that Icertis has worked with ...
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In a world where your pizza chain can tell you exactly where your pizza is and when it will arrive, why can't large companies keep track of their contracts, including critical obligations and renewals? Contract visibility, the ability for companies to instantly locate, retrieve, analyze and track contracts across the ...
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There was $3.7 trillion in merger and acquisition activity in 2016 according to the Wall Street Journal – the third highest year in terms of deal value. Peter Weinberg, adviser on two of the largest transactions, remarked, "I haven’t seen a set of factors that’s been more bullish for M&A ...
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In today’s world we are increasingly accustomed to knowing "where things are" from both a physical and service standpoint. Ecommerce sites can tell you where your order is, when it leaves the warehouse and estimate when it will arrive at your house. You can find out where a flight is ...
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Yesterday, the 2016 Nobel Prize in Economics was awarded to two economists for their contributions in the field of "Contract Theory". Oliver Hart and Bengt Holmstrom are being recognized for creating frameworks to write contracts – improving both the design of contracts and shedding light on how contracts help us ...
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Britain's vote to leave the EU stunned the world and sent shockwaves through the global financial markets. While the initial shock has faded, it’s still unclear the impact Brexit will have on global commerce. The decision - the first of its kind - calls for Britain to renegotiate all new ...
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In our last blog, we explored why in today’s data centric, fragmented and siloed business world, contracts are an enterprise’s “single source of truth”. Traditional data management systems make it difficult to aggregate data and gain meaningful insight from contracts, but by deploying a cloud-based Contract Life-cycle Management (CLM) solution ...
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Contracts are the central nervous system of your enterprise, communicating a vast amount of information that defines the scope of your operations. The importance of contracts can't be overstated: in fact, more than 80% of a company's transactions are tied to contracts. In a perfect world, your contract portfolio provides ...
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The most important part of managing contracts at Fortune 500 companies is not what you know about them—it's what you don't know that can cost you. The risk is real. Without an enterprise approach to contract lifecycle management, your organization runs the risk of taking a hit to the bottom ...
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