Optimizing Vendor Governance: Defining Value in Vendor Relationships To establish a strategic approach to vendor management, it is crucial to begin by defining the desired outcomes and value you expect from vendor relationships. This definition acts as a guiding principle, facilitating better conversations and communication with vendors regarding your expectations and desired behavior. While theContinue reading “Optimizing Vendor Governance: Defining Value in Vendor Relationships”
Author Archives: Steven A Nichols
The Revealing Power of CLM and AI
The Revealing Power of CLM and AI
The Benefits of CLM Automation for Business Growth
The Benefits of CLM Automation for Business Growth A recent survey from ContractPodAi revealed the value that investing in automated contract lifecycle management (CLM) processes can bring businesses. This survey found that companies with more mature automated processes for CLM experienced stronger security, efficiency, productivity and focus. Additionally, 70% of survey respondents admitted that theirContinue reading “The Benefits of CLM Automation for Business Growth”
New Post: AI, CLM, Ironclad, AI Contract Analysis
AI-Driven Contract Analysis for Secure and Automated Business Transactions Businesses rely on contracts to maintain operational efficiency and manage risk. Many contracts, however, take too much time and resources to review and negotiate due to their complexity. Manual contract analysis can be inefficient and time-consuming, and may leave organizations open to risk due to inaccurateContinue reading “New Post: AI, CLM, Ironclad, AI Contract Analysis”
The Value of Contract Lifecycle Management (CLM) Survey
The Value of Contract Lifecycle Management (CLM) Survey ContractPodAi recently conducted a survey of 400 full-time legal professionals. The results of this survey offer insight into the value that contracting best practices and CLM technology bring to the business. The survey indicates that businesses that have more mature processes in place for their CLM areContinue reading “The Value of Contract Lifecycle Management (CLM) Survey”
Achieving Balance in Vendor Management: The Power of a Balanced Vendor Scorecard
Achieving Balance in Vendor Management: The Power of a Balanced Vendor Scorecard When evaluating vendor performance, it is essential to move beyond the narrow focus on SLAs and KPIs outlined in contracts. Just as businesses track success across multiple dimensions, vendors’ performance should be measured against various facets. Adopting a balanced scorecard methodology allows organizationsContinue reading “Achieving Balance in Vendor Management: The Power of a Balanced Vendor Scorecard”
Essential Contracts For Startups
Essential Contracts For Startups As a startup, you want to keep your employees happy and productive. Unfortunately, this can be difficult in the face of legal bureaucracy. Fortunately, by understanding the essential legal contracts that are available, you can provide a legal framework for the startup that will protect the interests of all involved, includingContinue reading “Essential Contracts For Startups”
Data Paves the Way for AI Contract Writing
Data Paves the Way for AI Contract Writing Recently, Brian Merrick, Deputy Assistant Secretary of State addressed the importance of data in driving federal modernization efforts. Merrick sees data as a crucial instrument in the successful introduction of AI and ML technologies for contract writing. This could reduce costs, manual labor, and the chance ofContinue reading “Data Paves the Way for AI Contract Writing”
Applying AI to Transform Procurement Practices
Applying AI to Transform Procurement Practices Modern businesses know that the future of success is intertwined with smart strategy and constant innovation. As companies look to new technologies and strategies to stay competitive, artificial intelligence (AI) can play an integral role in modernizing procurement processes. AI-enabled procurement solutions have the potential to drive efficiency, reduceContinue reading “Applying AI to Transform Procurement Practices”
Advanced OCR CLM: Discover Cost-Usability Gains Across Legal Departments
Advanced OCR CLM: Discover Cost-Usability Gains Across Legal Departments Legal departments across a wide variety of industries are increasingly relying on contract lifecycle management (CLM) solutions for their needs. With the introduction of new technologies such as AI-enabled optical character recognition (OCR), CLM solutions have expanded to support a broad spectrum of document operations suchContinue reading “Advanced OCR CLM: Discover Cost-Usability Gains Across Legal Departments”